Saudi Arabia's sovereign wealth fund is withdrawing investment from LIV Golf after the 2026 season, Sky News has been told.

LIV has announced a new strategy going forward to try to keep the rebel series going without being reliant on the Public Investment Fund (PIF), which is overseen by Saudi Crown Prince Mohammed Bin Salman.

The announcement coincides with PIF not referencing sport in its new 2026-2030 strategy - and indicating a need to refocus investment within Saudi Arabia.

A PIF Statement issued to Sky News on Thursday read: "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 plans to sell stakes in the teams, which PIF built the series around in 2022 after attracting some of the world's best players to defect with lucrative signing-on fees running into hundreds of millions of dollars.

PIF's statement added: "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."

LIV has been chaired by PIF governor Yasir Al-Rumayyan, who is also chairman of Premier League club Newcastle United - another strand of the Saudi sports portfolio which has rapidly expanded in an attempt to reposition the image of the Gulf nation.

There will be new leadership of LIV, which attempted to merge with the established PGA and DP World tours in 2023, but talks collapsed despite an intervention last year by US President Donald Trump.

Those who defected to LIV in 2022 included major winners Bryson DeChambeau and Sergio Garcia, along with English duo Ian Poulter and Lee Westwood.

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But LIV has lost more than £1bn in five years. While starting to attract more crowds to its events, it has never garnered media coverage and interest on a par with the long-established prestigious events on existing series.

LIV used the Roman numerals to highlight its 54-hole events, but it has since expanded to a traditional 72-hole, four-round format.

Senate hearings were held in Washington in 2023 into concerns the Saudi government would have been running an American sporting institution if LIV merged with the PGA Tour.

For the Saudis, it is about diversifying the economy away from oil. But human rights groups viewed it as the Saudis bolstering their influence and status in sport as a means of cleansing the kingdom's image.

The PGA Tour deplored that rights record when it went to court to thwart LIV a year ago, before backtracking and attempting unsuccessfully to link up.

In a separate statement, LIV confirmed its intention to seek "long-term financial partners to support its transition from a foundational launch phase to a diversified, multi-partner investment model".

(c) Sky News 2026: Saudi Arabia's Public Investment Fund pulls funding of LIV Golf after £1bn loss - full statement