When Dustin Johnson accepted a reported $125 million to join LIV Golf in 2022, it seemed like the beginning of a revolution in professional golf. The Saudi-backed upstart promised guaranteed money, fewer tournaments, and a radical reimagining of how the sport worked. Three years later, that revolution is over.

LIV Golf's quiet dissolution this month represents more than just another failed sports venture. It marks a significant moment in Saudi Arabia's broader strategy of using sports to reshape its global image and extend its influence — what critics have called "sportswashing." The circuit's collapse suggests there are limits, both financial and practical, to how much even one of the world's wealthiest nations will spend when returns don't materialize.

The Expensive Experiment

According to the New York Times, LIV Golf burned through an estimated $2 billion during its brief existence. That money bought some of golf's biggest names — Phil Mickelson reportedly received $200 million, while Brooks Koepka and Bryson DeChambeau also signed nine-figure deals. The circuit hosted tournaments at luxury venues worldwide, offered $25 million purses, and promised to modernize a sport many viewed as stodgy and tradition-bound.

But money couldn't buy what LIV needed most: legitimacy. The PGA Tour, despite initial panic, held firm. Major championships refused to grant LIV events official world ranking points, making it difficult for LIV players to qualify for golf's most prestigious tournaments. Television ratings remained anemic. Sponsors stayed away, wary of the Saudi connection and uncertain about the product.

"You can't just create a century of tradition overnight, no matter how much you spend," said one former LIV executive who spoke on condition of anonymity. "Golf fans are traditionalists. They care about history, about majors, about the same courses they've watched for decades."

A Broader Pattern

LIV Golf's failure comes as Saudi Arabia's Public Investment Fund continues pouring money into sports across the board. The kingdom has invested in soccer's Premier League through Newcastle United, launched a new tennis exhibition series, and is pursuing Formula One races and boxing mega-events. Crown Prince Mohammed bin Salman has made sports investment a centerpiece of his Vision 2030 economic diversification plan.

But LIV's demise raises questions about the sustainability of this approach. Unlike Newcastle United, which purchased an existing institution with built-in fan loyalty, LIV tried to create something from scratch in direct competition with an entrenched incumbent. That proved to be a bridge too far, even with seemingly unlimited resources.

The Saudi government has not commented publicly on LIV's closure, and the Public Investment Fund declined to provide figures on total losses. Industry analysts estimate the fund will recoup less than 20% of its investment through asset sales and settlement agreements with the PGA Tour.

Impact on Players and Workers

For the golfers who jumped to LIV, the circuit's collapse creates an uncertain future. While stars like Johnson and Mickelson received guaranteed money upfront, dozens of lesser-known players signed shorter-term deals that may not be fully honored. Caddies, course workers, and event staff who built careers around the circuit now face unemployment.

"I moved my family to be closer to LIV events," said one caddie who requested anonymity to protect future employment prospects. "Now I'm scrambling to get back on the PGA Tour circuit, but those jobs don't just open up overnight. There's a whole ecosystem of workers who got caught in the middle of this."

The PGA Tour has offered limited pathways for LIV players to return, but with conditions. Players must apply for reinstatement, may face suspensions, and will likely forfeit some earnings. The tour's negotiating position has strengthened considerably now that its main competitor has folded.

What It Means for Saudi Strategy

Sports industry experts say LIV's failure may prompt Saudi Arabia to recalibrate its approach. Rather than launching new ventures from scratch, the kingdom may focus more on acquiring existing properties and events — a strategy that has worked better with Newcastle United and its Formula One ambitions.

"The lesson here isn't that Saudi money can't influence sports — it clearly can," said Simon Chadwick, a professor of sport and geopolitical economy at Skema Business School. "The lesson is that you can't simply overwhelm entrenched institutions through spending alone. You need patience, you need buy-in from stakeholders, and you need a product people actually want."

The collapse also provides ammunition to critics who have long argued that Saudi sports investments are primarily about image rehabilitation rather than sound business strategy. Human rights organizations have pointed to Saudi Arabia's record on women's rights, LGBTQ+ rights, and political dissent as reasons to scrutinize the kingdom's sports ventures.

For now, the golf world is returning to something resembling its pre-LIV status quo. The PGA Tour remains the dominant force in professional golf, its position arguably strengthened by surviving the Saudi challenge. But the scars remain — relationships fractured, reputations damaged, and billions of dollars spent with little to show for it.

The empty LIV Golf offices and cancelled tournaments stand as monuments to a simple truth: in sports as in life, money can buy many things, but it can't always buy what matters most.