NEW YORK — Saudi Arabia's Public Investment Fund is preparing to cut funding for LIV Golf, the tour it has owned and financed with more than $5 billion since its 2021 launch. LIV Golf executives were called to a meeting in New York.

A document issued by PIF's board of directors, signed by Crown Prince Mohammed bin Salman, outlined a new five-year economic strategy emphasizing sustainable domestic investments with financial and infrastructure returns. The document listed seven key investment areas and did not mention sport.

PIF is focusing its sports budget on football and esports, with golf no longer a priority, according to a source who has worked with the Saudi Ministry of Sports. The fund is also ending its relationship with the Women's Tennis Association and will not extend its three-year deal to host the WTA finals in Riyadh after it expires in November.

Prize money and bonus payments on LIV Golf have been reduced this year. LIV Golf spent more than $1 billion to recruit players from the PGA Tour and DP World Tour, including Phil Mickelson, Dustin Johnson, Jon Rahm, Sergio García and Bryson DeChambeau. Brooks Koepka and Patrick Reed returned to the PGA Tour this year, and DeChambeau has refused to sign a new deal with LIV Golf.

Rumors began circulating on social media on Tuesday evening that LIV Golf could be shut down. Officials from the tour declined to respond to the rumors.

García said he had not received any indication of a funding cut. "Frankly, we haven't heard anything other than what Yasir [al-Rumayyan] already told us at the beginning of the year," he said. "That is, he's behind us, that they have a project of many years. There are always many rumours."

In 2023, the PGA Tour and LIV Golf signed a framework agreement outlining a shared goal of creating a golf partnership and promoting the game globally. That agreement was signed by then-PGA commissioner Jay Monahan, PIF head Yasir Al-Rumayyan and DP World Tour chief executive Keith Pelley.