Thursday morning brough breaking news that Saudi Arabia PIF was going to end their huge funding of LIV Golf and that NUFC Chairman Yasir Al-Rumayyan was stepping down from the LIV Golf board.
This was reported across the media, including on BBC Sport, with clearly journalists briefed on what was going to happen.
The whole enterprise has been a massive flop despite billions ploughed into it by Saudi Arabia PIF.
It had already been widely reported that Saudi Arabia were scaling back on some of their investments, including in Sport. However, it had been made clear that Newcastle United wouldn’t be part of that scaling/cutting back and that the Saudi Arabia PIF still see the football club as a long-time project and a very important one, especially with the profile of the Premier League.
The Newcastle United CEO David Hopkinson confirmed on Wednesday that around 25 officials representing the Saudi Arabia PIF majority ownership were flying into Newcastle for a series of key meetings across the following days to progress the club on and off the pitch. Newcastle United Chairman Yasir Al-Rumayyan, who is also Governor of the Saudi Arabia PIF, expected to be the lead figure in these discussions.
Top of the agenda reported to be talks and hopefully decisions and announcements made on key infrastructure developments, the much anticipated far bigger stadium and a state of the art training complex. Eddie Howe also to be involved in some of the meetings with Yasir Al-Rumayyan and his colleagues, with next season to prepare for and plans to be put in place with the summer transfer window less than seven weeks away.
Now an Official Saudi Arabia PIF statement has confirmed this morning’s news.
Official Saudi Arabia PIF statement as reported by The Times – 30 April 2026:
“PIF has made the decision to fund LIV Golf only for the remainder of the 2026 season. 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.”
Whilst Yasir Al-Rumayyan isn’t specifically named, another official piece today on the official LIV Golf site appears to confirm that the Newcastle United Chairman will no longer be part of LIV Golf, as this below states a ‘newly established independent board’, so basically none of the original board remaining.
The official LIV Golf site – 30 April 2026:
‘NEW YORK - LIV Golf, the global golf league blending world-class competition with entertainment and culture to grow the game worldwide, today announced new board appointments as the league focuses on securing long-term financial partners to support its transition from a foundational launch phase to a diversified, multi-partner investment model.
This strategic evolution, accelerated by the league’s record-breaking performance in 2026, includes the appointment of a newly established independent board led by Gene Davis and Jon Zinman, seasoned experts with proven track records of navigating complex situations and unlocking value for global organizations, to guide the league through its next phase.’
Considering all of the above, the stand out sentence for me is this one:
“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.”
My assessment is that the Saudi Arabia PIF have now admitted failure with LIV Golf, which was always a vanity project that was always going to lose fortunes and had zero chance of success.
Now hopefully full focus on the likes of Newcastle United, which could have potentially suffered in recent years due to so much focus on LIV Golf, especially with NUFC Chairman Yasir Al-Rumayyan so heavily involved.