LIV Golf Loses Financial Backing From Saudi Arabia
LIV Golf Is In Trouble As Saudi Arabia Pulls Funding For The PGA Tour Alternative
- Saudi Arabia's Public Investment Fund will no longer bankroll LIV Golf after this season
- LIV Golf is in talks with outside investors to stay afloat, but its future is bleak
- LIV Golf's failure will significantly impact Trump's golf courses that hosted its tournaments
LIV Golf is on the verge of collapse after Saudi Arabia announced its Public Investment Fund will no longer be bankrolling the league.
Golf Digest’s Ryan French had the golf world buzzing about LIV Golf’s future when he said “a bombshell announcement” was imminent regarding the PGA Tour alternative.
The Wall Street Journal’s Andrew Beacon all but confirmed in his reporting that it’s a wrap for the league once this season is over.
Per The Wall Street Journal:
LIV plans to tell players and staff by Thursday that Saudi Arabia’s Public Investment Fund will no longer bankroll the circuit after this season, according to people familiar with the matter. The move sounds the death knell for the upstart that sowed chaos in professional golf by plowing billions into the sport and poaching A-list players.
Even as LIV seeks outside investors to keep it afloat, it will be nearly impossible for it to exist bearing any resemblance to its current form after the Saudis lost billions on the endeavor. They paid exorbitant fees to put on tournaments with lucrative purses featuring elite players such as Bryson DeChambeau and Jon Rahm. LIV is already in talks with outside investors, a person familiar with LIV’s thinking said.
The news continued to get worse for the league, with Sports Business Journal’s Josh Carpenter reporting that LIV Golf co-founder Yasir Al-Rumayyan “has stepped down” as league chairman.
Donald Trump Will Also Be Affected BIGLY With LIV Golf’s Imminent Shutdown
LIV Golf’s imminent failure is also a bad look for Donald Trump because many of LIV Golf’s tournaments are played on his golf courses, which will be a significant blow to his bank account.
Former ESPN reporter Pablo Torres noted that a LIV Golf tournament is set to take place at Trump National Golf Club in Bedminster, New Jersey, on August 6-9, and his “excursion” in Iran is one of the reasons LIV Golf is on the brink of shutting down.
“Trump’s war with Iran leading to the financial collapse of LIV Golf — months before Trump could host this year’s LIV event at his own course in Bedminster — might be the thing that convinces him that this war was, uh, a bad idea.”
Welp.
Looks like those professional golfers who spotted the jig from the start regarding LIV Golf and stayed put with the PGA Tour are feeling good about their decision.
LIV Golf Is In Trouble As Saudi Arabia Pulls Funding For The PGA Tour Alternative was originally published on cassiuslife.com
