Yasir Al-Rumayyan Steps Aside as LIV Golf Loses PIF as Investors: Report
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Yasir Al-Rumayyan has reportedly stepped down as LIV Golf chairman. The move comes after weeks of speculation about the Saudi Public Investment Fund pulling their funding.
The tour, founded by Al-Rumayyan and Greg Norman, has reportedly struggled to turn a profit. Now, Al-Rumayyan stepping down is another major blow.
The Sports Business Journal reported that Al-Rumayyan is stepping back from his role as the league's chairman, following the Saudi PIF halting funding beyond the 2026 season.
On April 29, the Wall Street Journal reported that LIV Golf is expected to make an official statement announcing the PIF's decision to the staff and players on Thursday.
BEDMINSTER, NJ - JULY 29: A general view of a LIV GOLF flag during round 1 of the LIV Golf Invitational Series during the first round on July 29, 2022 at Trump National Golf Club in Bedminster, New Jersey. Photo by Rich Graessle/Icon Sportswire GOLF: JUL 29 LIV Golf Invitational Series Bedminster Icon2207296782
BEDMINSTER, NJ - JULY 29: A general view of a LIV GOLF flag during round 1 of the LIV Golf Invitational Series during the first round on July 29, 2022 at Trump National Golf Club in Bedminster, New Jersey. Photo by Rich Graessle/Icon Sportswire GOLF: JUL 29 LIV Golf Invitational Series Bedminster Icon2207296782
The PIF's decision lines up with what LIV Golf CEO Scott O'Neil had said earlier. “The reality is you’re funded through the season and then you work like crazy to create a business plan to keep us going,” O'Nile has said on April 15.
The Future of the Breakaway Circuit
The exit comes at a time when LIV Golf is seeking external investment under the guidance of its CEO, Scott O'Neil. O'Neil has been known to push for capital inflow into the league starting in 2027.
Initially, O'Neil announced a $100 million increase in revenue compared to the previous year. However, the pullback by the Public Investment Fund raises doubts about the league's long-term sustainability.
Menwhile, GolfDigest has reported that some players have already reached out to the PGA Tour to discuss their return.
Back in January, PGA Tour CEO Brian Rolapp announced the Returning Member Program after Brooks Koepka announced his intention to return to the Tour.
However, we'll have to wait at least until Tuesday to see if LIV Golf makes an announcement and how that kicks off player movement.
Read more at Club Golf!
Written by
Abhishek Sharma
Edited by
Sagnik Bagchi