LIV Golf is officially seeking a path forward without its Saudi backers.
The group on Thursday announced the creation of a new independent board, led by a pair of turnaround specialists. They’ll be tasked with helping LIV secure “long-term financial partners” for a new phase of the upstart, team golf league.
The move comes amid a dramatic upheaval in LIV Golf’s business. The group has been backed by Saudi Arabian sovereign wealth fund PIF since its 2022 launch, which allowed it to spend billions to secure talent, award prize money and put on events. PIF has committed more than $5 billion, and losses have mounted. Over the last few weeks PIF decided to pull its funding at the end of this current season.
“We have built a differentiated platform that is global by design, commercially vibrant, and structured to unlock untapped value across the sport,” LIV said Thursday in a statement. It added that its conviction in its model “has never been stronger.”
To move forward, LIV will need to raise capital, which could come at the league level, or in a more granular way via the sale of its teams. The group is expected to retain a banker to oversee that process.
To attract capital, the group will likely lean on business metrics that show year-over-year growth. Revenue more than doubled from 2024 to 2025, the group said, with 2026 pacing ahead of those numbers. As of Q2 of this year, sponsorship income was up 40% year-over-year, with ticket sales up 129% and VIP hospitality sales up 67%.
As that happens, LIV will also need to work to maintain its current roster of players, perhaps most most importantly, Bryson DeChambeau. The 32-year-old is LIV’s biggest star, and his contract is up at the end of the year. He said last week that he hasn’t given up on contact talks and that “as long as LIV is here, I would figure our a way to it to make sense.”
The new independent board will be led by Gene Davis and Jon Zinman, both experienced in helping companies in their financial transitions. Davis is the chairman and CEO of Pirinate Consulting Group, a firm that specialized in turnaround management. He’s worked in the past with Delta Airlines, Remington and Trump Resorts, which includes at least one Trump family-owned course that LIV has visited. Zinman is the founder and managing partner of JZ Advisors LLC, and he has two decades of experience helping companies during periods of transition.
LIV will inform players on Thursday about PIF’s final decision, according to the Wall Street Journal. PIF governor Yasir Al-Rumayyan, who has served as chairman of LIV Golf, has stepped down from the board, according to Sports Business Journal.