LIV establishes new independent board in bid to survive

With Saudi Arabia’s Public Investment Fund pulling its funding after the 2026 season, the LIV Golf League has established a new independent board as it seeks to survive as a “diversified, multi-partner investment model,” the league announced Thursday.

The new board will be led by investment bankers Gene Davis and John Zinman, who the league said “have a proven track record of navigating complex situations and unlocking value for global organizations, to guide the league into its next phase.”

The PIF has invested more than $5 billion in LIV Golf since its first tournament in June 2022 and is said to be spending $100 million per month this year.

PIF governor Yasir Al-Rumaian is expected to step down as chairman of LIV Golf on Thursday, sources confirmed to ESPN.

The PIF is expected to announce as early as Thursday that it will no longer fund the LIV Golf League beyond this season. During a tournament broadcast in Mexico City earlier this month, LIV Golf CEO Scott O’Neill said the PIF is committed to continuing the league through its remaining seven tournaments this season.

The league and Louisiana Governor Jeff Landry announced Tuesday that a scheduled tournament in New Orleans has been postponed and a possible fall date is being considered.

A LIV Golf League official told ESPN on Thursday that next week’s tournament at Trump National Golf Club outside Washington, D.C., will go ahead as planned.

“The reality is you fund the whole season and then you work like crazy to build a business and a business plan to keep us going,” O’Neal said during the opening round broadcast in Mexico City. “But it’s no different than any other private equity-funded business in human history.”

LIV Golf’s press release said the league is “focused on securing long-term financial partners to support the transition from a foundational launch phase to a diversified, multi-partner investment model.”

Sources said the league is open to several new models, including fewer tournaments, hosting only international events or a possible tie-up with the DP World Tour.

“LIV Golf has built something truly different — passionate fans, a global league with world-class talent, and demonstrated commercial momentum,” said Davis, who will serve as chairman of the independent board of directors. “The executive leadership team, including John and I, see a clear opportunity for the league to formalize its structure, attract and secure long-term capital, and grow the business as we continue to promote the game around the world. We look forward to positioning LIV Golf for future success.”

The league said its revenue would grow by more than 100% from 2025, and that four of its events and 10 of its 13 teams would turn a profit this season.

“Our conviction in the team golf model has never been stronger,” the league said in a statement. “We have created a differentiated platform that is global by design, commercially viable, and structured to unlock untapped value in sport.”

However, the league is on the hook for guaranteed contracts worth several million dollars with star golfers John Rahm And Bryson DeChambeau. The league reportedly spends $40 million to stage each of its events and does not have a traditional TV deal in the United States

DeChambeau’s contract with LIV Golf expires after this season.

While the league has gained traction in golf-starved countries such as Australia and South Africa, its TV ratings in the United States have been low.

Davis is chairman and CEO of Pirinet Consulting Group, LLC, a privately held consulting firm specializing in turnaround management, mergers and acquisitions consulting, restructuring and strategic advisory services for public and private business organizations, according to LIV Golf.

Zinman is the founder and managing member of JZ Advisors LLC, an independent strategic advisory firm serving companies across industries and life cycles.