PIF issue official statement just hours after Yasir Al-Rumayyan arrives for Newcastle United meeting
The news broke just hours after Yasir Al-Rumayyan landed on Tyneside for a Newcastle United board meeting.
Newcastle United’s owners, the Public Investment Fund of Saudi Arabia, have confirmed they are pulling their funding from LIV Golf at the end of the 2026 season.
PIF are understood to have invested around £3.7billion into LIV Golf but the organisation itself is said to have lost more than £1billion in five years. CEO Scott O’Neil admitted in February that it would not be profitable for another five to 10 years.
PIF have been reviewing their investments after announcing a new 2026-2030 strategy earlier this month. Following weeks of speculation, confirmation of their exit from golf has arrived.
Newcastle United owners PIF confirm golf exit
“PIF has made the decision to fund LIV Golf only for the remainder of the 2026 season,” a PIF statement read on Thursday afternoon. “The substantial investment required by LIV Golf over a longer term is no longer consistent with the current phase of PIF's investment strategy.
"This decision has been made in light of PIF's investment priorities and current macro dynamics. The LIV Golf Board has created a committee of independent directors to evaluate strategic alternatives for its future beyond PIF's funding horizon.
"LIV Golf has substantially grown the game globally through its transformational and positive impact. It has forever changed the game of golf for the better.
"PIF remains committed to deploying capital internationally in line with its investment strategy, including its substantial current and future investments in various sports as a priority sector."
As a result, Yasir Al-Rumayyan will step down from his position as LIV Golf chairman.
Newcastle United unaffected by PIF golf exit
The news broke just hours after Al-Rumayyan and a delegation from PIF arrived on Tyneside for their annual board meeting, serving as a reminder of their commitment to Newcastle.
That had been questioned in light of the LIV Golf news but sources have stressed that it changes nothing.
But supporters are hoping for actions, not words, and that could arrive in the coming weeks or months. As part as Al-Rumayyan’s visit, Newcastle chiefs are discussing plans for a new training and stadium.
The Magpies are expected to announce plans for a new £200million training ground at Woolsington, which is near Newcastle airport, while a decision is still to be made on whether to expand St James’ Park or build a new stadium.