LIV Golf has launched its search for fresh investment in a race against time to save its future after all but confirming Saudi funding will cease at the end of the 2026 season.

In a statement, LIV announced two members of a new independent board minus Yasir al-Rumayyan, the governor of Saudi Arabia’s Public Investment Fund (PIF), who has been the driving force behind the start-up since it began in 2022 and invested about $5bn. For now, at least, the tour is confident it can source the necessary sponsors and partners to allow LIV to continue in some form.

Without any mention of PIF, LIV announced a “transition from a foundational launch phase to a diversified, multi-partner investment model” and a new independent board led by the seasoned business consultants Gene Davis and Jon Zinman.

Davis said: “LIV Golf has built something truly differentiated – a global league with passionate fans, world-class talent, and demonstrated commercial momentum. The executive leadership team, along with Jon and I, see a clear opportunity to help the league formalize its structure, attract and secure long-term capital, and position the business for growth while continuing to promote the game across the world. We look forward to positioning LIV Golf for future success.”

LIV Golf held calls with team captains, who include Bryson DeChambeau and Jon Rahm, on Wednesday, prior to Thursday’s announcement. Certain players are likely to explore the possibility of returning to the US-based PGA Tour, which has been shown to be possible with penalties. Brooks Koepka, for example, is understood to have paid fines of about £63m for reinstatement to the PGA Tour under its returning member programme – for those who had won a major or the Players Championship since 2022.

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