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 attempts 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 Jon Zinman, who the league said have "proven track records of navigating complex situations and unlocking value for global organizations, to guide the league through its next phase."
The PIF has invested more than $5 billion into LIV Golf since its first tournament in June 2022 and was reportedly spending $100 million per month this year.
PIF governor Yasir Al-Rumayyan is expected to step down as LIV Golf's chairman Thursday, sources confirmed to ESPN.
The PIF is expected to announce as early as Thursday that it won't fund the LIV Golf League beyond this season. During the broadcast of a tournament in Mexico City earlier this month, LIV Golf CEO Scott O'Neill said PIF has committed to keep the league going through its seven remaining tournaments this season.
The league and Louisiana Governor Jeff Landry announced Tuesday that a scheduled tournament in New Orleans had been postponed and a potential date in the fall was 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 off as planned.
"The reality is you're funded through the season and then you work like crazy as a business to create a business and a business plan to keep us going" O'Neil said during the broadcast of the opening round in Mexico City. "But that's not different from any other private equity-funded business in the history of man."
The news release from LIV Golf said the league is focusing on "securing long-term financial partners to support its 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, only staging international events or a potential merger with the DP World Tour.
"LIV Golf has built something truly differentiated -- a global league with passionate fans, world-class talent, and demonstrated commercial momentum," said Davis, who will serve as chairman of the Independent Directors Committee. "The executive leadership team, along with Jon and I, see a clear opportunity to help the league formalize its structure, attract and secure long-term capital, and position the business for growth while continuing to promote the game across the world. We look forward to positioning LIV Golf for future success."
The league said its revenue is up more than 100% since 2025 and that four of its events and 10 of its 13 teams will turn profits this season.
"Our conviction in the team golf model has never been stronger," the league said in a statement. "We have built a differentiated platform that is global by design, commercially vibrant, and structured to unlock untapped value across the sport."
However, the league is on the hook for guaranteed contracts worth hundreds of millions dollars to star golfers such as Jon Rahm and Bryson DeChambeau. The league is reportedly spending $40 million to stage each of its events and doesn't have a traditional TV contract in the U.S.
DeChambeau's contract with LIV Golf expires after this season.
While the league has gained traction in golf-starved countries like Australia and South Africa, its TV ratings in the U.S. have been low.
Davis is the chairman and CEO of Pirinate Consulting Group, LLC, a privately held consulting firm specializing in turnaround management, merger and acquisition consulting, restructuring, and strategic advisory services for public and private business entities, according to LIV Golf.
Zinman is the founder and managing member of JZ Advisors LLC, an independent strategic advisory firm serving companies across industry and life cycle.