Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), continues to financially support LIV Golf, the league that has been competing with the PGA since its inception three years ago.

This week, it was confirmed that PIF’s total investment has reached $4.58 billion, following two capital injections in 2025 totaling $674.3 million. 

LIV Golf Investments, the league’s parent company, has been increasing its authorized share capital to fund global operations while aiming to boost visibility and attract viewers and sponsors. However, despite the massive backing, profitability remains a challenge.

Between January and October 2024, LIV Golf reported consolidated revenues of $82 million—significant, yet far below expectations given the cumulative investment. 

New PIF authorizations come with conditions, including a minimum number of events per season, minimum revenue targets, and completion of a broadcast deal with Fox Sports.

This year, the league also made key changes, replacing Greg Norman with Scott O’Neill as CEO and modifying the team format so that all players’ scores count in each round, aiming to increase competitiveness and fan appeal. 

The event in the United States

The first LIV Golf event in the U.S. in 2025, held in Miami, set a league record with 484,000 viewers watching Marc Leishman’s win at Trump National Doral on April 8. Nevertheless, this figure is less than one-third of the audience for a standard PGA Tour event on the same day. 

“I think everyone expected a bit more progress, and it’s no secret,” said Brooks Koepka ahead of the Miami tournament. “No matter where you are, you always hope everything is further along. But they are progressing, and it seems they are heading in the right direction.” 

Despite profitability uncertainties, the PIF continues to heavily back LIV Golf, eyeing growth opportunities in the sports economy and the potential to establish the league as a global player in professional golf.