The Saudi Arabia Public Investment Fund, LIV Golf’s financial backbone since its launch, announced it would stop funding league operations after the 2026 season.
LIV retained investment bank Ducera Partners to run a capital raise process, seeking between $250 million and $350 million from outside investors to continue operations beyond 2026.
CEO Scott O’Neil, meanwhile, is pitching a leaner future, a reduced 10-event international schedule focused on markets like Australia and South Africa, which have seen record attendance figures.
LIV’s revenue doubled from 2024 to 2025, is tracking toward another $100 million increase in 2026, and has landed sponsorship deals with some of the biggest brands in sports and business. It also cleared a major hurdle in February when it finally received Official World Golf Ranking points.
But none of that matters without new money.
While Bryson DeChambeau is out championing LIV’s investor pitch and Jon Rahm is deliberately staying out of it, Cam Smith just dropped the most refreshingly honest take of anyone in the league.
Speaking to Mirror Sports U.S., Smith was asked whether reduced prize money would affect his commitment to LIV. His answer was straightforward: no.
“This has been an awesome four or five years for us golfers,” he said. “But I think realistically, it’s time for it to come back to the way it was … It was obviously not working, and it’s pretty far-fetched, realistically … I’m sure there are going to be a lot of changes, particularly with prize money next year.”
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An Australian native, Smith famously won the Open Championship in July 2022, edging out Cameron Young by a single stroke and earning $2.5 million in prize money.
Then, just over a month after his major win, he signed a contract with LIV worth over $100 million.
He arrived at LIV as arguably the hottest name in the sport, having just won the PGA Player of the Year. And since joining, he has won over $40 million in individual prize money and team-related payouts across three LIV victories as the captain for Ripper GC, which currently sits second in the team standings.
For investors still on the fence, hearing a marquee player publicly accept a pay cut could help ease concerns about the sustainability of LIV’s massive prize-money commitments.
LIV currently distributes $30 million in prize money at each event across a full-season schedule. While that spending helped attract talent and attention in the league’s early years, it may be a harder sell for prospective investors focused on long-term profitability.
For other players, meanwhile, Smith’s comments signal that the era of unlimited Saudi money is well and truly over.
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