The LIV Golf logo is visible during the 1st round of LIV Golf Jeddah, at the Royal Greens Golf & Country Club in King Abdullah Economic City, Saudi Arabia, March 1, 2024. (AP-Yonhap)
The LIV Golf logo is visible during the 1st round of LIV Golf Jeddah, at the Royal Greens Golf & Country Club in King Abdullah Economic City, Saudi Arabia, March 1, 2024. (AP-Yonhap)

The Wall Street Journal has reported that Saudi Arabia's Public Investment Fund is withdrawing from LIV Golf.

Citing sources familiar with the matter, the newspaper said LIV Golf plans to inform players and staff by April 30 that PIF will halt its financial backing.

Launched in 2021 with Saudi support, LIV Golf drew global attention by signing top-ranked players and introducing a competition format different from the US-based PGA Tour.

In its early stages, the league abandoned the traditional 72-hole format in favor of 54-hole, three-round events, and also allowed players to wear shorts, breaking with golf's customary dress standards.

However, despite spending around $5 billion over its first four years, LIV Golf struggled with low attendance and weak television ratings.

Bloomberg News said it had contacted LIV Golf regarding the Wall Street Journal report but had not yet received a response.

Bloomberg also projected that Saudi Arabia, facing financial pressure from the ongoing Iran war, may redirect its sports investments into other sectors with stronger profit potential.

(This article was produced with the assistance of AI. — Ed.)


khnews@heraldcorp.com