NEW YORK: LIV Golf’s investors are reaching into their pockets again for funding, with Saudi Arabia’s Public Investment Fund nearing $5 billion in spending on the three-year-old league.

LIV Golf Investments, the parent company for worldwide LIV Golf operations, has increased its authorized share capital twice this year, once in mid-January and once late in April, for a total of $674.3 million, according to the Money in Sport newsletter on Monday.

This brings the total spend to $4.58 billion, with $1.9 billion of that coming since January 2024.

Money in Sport had previously projected an increase in the PIF investment of $5 billion by the end of 2025.

With a reference to $82 million in revenue from January to October 2024, PIF’s filing included the first time a consolidated revenue figure for LIV Golf has been publicly disclosed.

The filing shows the latest authorizations come with three conditions: a minimum number of events this season, a minimum revenue and a finalized TV deal with Fox Sports.

LIV Golf has made significant changes this year, including Scott O’Neill replacing Greg Norman as CEO in addition to altering its team format to make all players’ scores count in every round.

LIV Golf’s first event in the US of 2025 brought record viewership for the league, with 484,000 people tuning in to watch Marc Leishman’s triumph in Miami on April 8.

Unfortunately for the Saudi-backed league, that was still less than a third of the number of people who opted to watch a standard PGA Tour event the same day.

“I think we all hoped it would have been a little bit further along, and that’s no secret,” American golfer Brooks Koepka said ahead of the LIV Golf Miami tournament at Trump National Doral on April 2.

“No matter where you’re at, you always hope everything is further along. But they’re making progress, and it seems to be going in the right direction.”