NEW YORK — LIV Golf's 2026 season will proceed as scheduled and "at full throttle" despite swirling reports that Saudi Arabia's Public Investment Fund may cut financial support after this year, league CEO Scott O'Neil assured players and staff in a memo Wednesday amid mounting speculation about the breakaway tour's long-term viability.

O'Neil's message, obtained by multiple outlets including The Associated Press, sought to quell concerns after the Financial Times and other publications reported that the PIF is on the verge of ending its backing for the league it has funded since its launch in 2022. The Saudi sovereign wealth fund has poured more than $5.3 billion into LIV Golf, with cumulative losses projected to exceed $6 billion by the end of 2026, according to industry estimates.

CEO Scott O'Neil
CEO Scott O'Neil

"We are heading into the heart of our 2026 schedule with the full energy of an organization that is bigger, louder, and more influential than ever before," O'Neil wrote. "I want to be crystal clear: Our season continues exactly as planned, uninterrupted and at full throttle."

The memo followed a day of intense speculation triggered by the PIF's announcement of a new five-year investment strategy that emphasizes domestic priorities, efficiency and a slowdown in certain global projects. Reports indicated the fund, strained by the ongoing Iran conflict and reduced oil revenues from disruptions in the Strait of Hormuz, is reassessing expenditures on ventures that have yet to show returns.

Sources close to the situation told Reuters and others that funding for the remainder of the 14-event 2026 schedule remains secure, with the next tournament set for early May at Trump National Golf Club in Washington, D.C. However, multiple outlets including Fox News reported that PIF backing is expected to end after the 2026 season, citing a shift in Saudi priorities.

LIV Golf, which features a team-based format with 54-hole events and shotgun starts, has attracted star players such as Bryson DeChambeau, Sergio Garcia, Cameron Smith and Jon Rahm with massive guaranteed contracts. Yet the league has struggled with viewership, sponsorships outside Saudi interests and integration with the broader golf ecosystem.

Critics, including Golf Channel analyst Brandel Chamblee, have been vocal. Chamblee described LIV as an "ill-conceived" and "lame-brained tour" that has lost billions while delivering a product with limited appeal. "Would it surprise anyone if the Saudis came to their corrupted senses and finally euthanized the whole lame-brained tour?" he posted on social media.

Player reactions have been mixed. Garcia told reporters that players were informed earlier in the year that funding was in place for "many years," potentially through 2032. Some participants expressed confusion and sought reassurances from league officials as rumors spread following the Masters Tournament.

The financial pressures come as LIV continues its fifth season. Prize funds increased in 2026, adding to the cost base at a time when monthly net spending has averaged around $100 million in recent years. A $266.6 million capital injection approved by PIF Governor Yasir Al-Rumayyan in February brought the total investment past $5.3 billion.

O'Neil has previously acknowledged that profitability could be five to 10 years away. The league has failed to attract significant outside investors for its teams despite efforts to build franchise value.

The uncertainty coincides with broader Saudi economic challenges. The Iran war has impacted oil exports, leading to shutdowns of offshore fields and petrochemical facilities. PIF's new strategy reportedly focuses on increasing investment efficiency and prioritizing domestic programs over high-profile international sports ventures that have not yet delivered clear returns.

LIV officials and sources with knowledge of operations pushed back against immediate collapse narratives. A high-ranking league source told one outlet that "funding and operations for LIV Golf are continuing as planned" for at least the remainder of 2026. Reuters cited sources confirming the remaining nine events would proceed with full PIF support.

The league's relationship with the PGA Tour remains complicated. While talks of a potential framework agreement have occurred in the past, no full merger or comprehensive deal has materialized. Some view LIV's model as a disruptive force that has forced the traditional tour to increase purses and innovate, while others see it as a divisive experiment that has fractured the sport.

As the 2026 schedule advances, questions linger about player contracts, team stability and the future of events in locations such as Adelaide, Australia, and other international stops that have drawn strong local support.

League leadership has emphasized growth in influence and fan engagement, pointing to larger crowds at certain events and the global platform provided to players. Yet television ratings and digital metrics have generally lagged behind PGA Tour benchmarks, contributing to the financial strain.

For players with multi-year deals, the immediate focus remains on competition. Many have expressed loyalty to the LIV format, citing the team atmosphere, no-cut events and substantial compensation. However, the prospect of funding changes beyond 2026 has introduced anxiety, particularly for those without PGA Tour pathways secured.

Golf insiders note that even with reduced or ended PIF support, alternative funding models could emerge, though finding investors willing to absorb ongoing losses would prove challenging. Some speculate about potential restructuring, sale of assets or a scaled-back operation if Saudi backing fully withdraws.

The PIF's broader sports portfolio includes investments in soccer, Formula 1 and other properties. Observers suggest the fund is applying more rigorous return-on-investment criteria across its holdings as it navigates fiscal realities.

As of Thursday, no official announcement had come from the PIF regarding LIV Golf's future. League events continue uninterrupted, with players preparing for the upcoming leg of the season.

The situation highlights the high-stakes nature of sportswashing debates and the intersection of geopolitics, economics and professional athletics. LIV Golf was launched with the stated goal of growing the game globally, but its reliance on a single sovereign fund has left it vulnerable to shifts in national priorities.

O'Neil's assurances aim to project stability heading into the heart of the 2026 campaign. Whether that confidence holds through the season — and what comes after — will depend on decisions made in Riyadh and the league's ability to demonstrate sustainable value.

For now, the show goes on, as O'Neil declared. The 2026 season remains fully funded and operational, but the long-term future of LIV Golf hangs in a delicate balance amid financial uncertainty and evolving Saudi investment strategies.