LIV Golf says it has secured an unnamed lead investor to keep the competition running in 2027 after the withdrawal of Saudi Arabian financial backing.

The Saudi Public Investment Fund (PIF) said in April it would end its multibillion dollar backing of the brekaway tour at the end of the season, plunging the future of the series into doubt.

Chief exeuctive Scott O’Neil said a signed agreement with a new investor is in place and has been approved by the LIV Golf board, with the transaction expected to be completed in September.

No details of the amount of money that will be invested were announced. PIF has invested more than $5bn (£3.71bn) since the league launched in 2022.

O’Neil added LIV will make its players “majority equity holders” in the competition, calling it “a first for a major global sports league”.

The LIV press release said the proposed deal with the lead investor is for “2027 and beyond”.

The competition will reduce to 10 events from next season, with five in the United States and five held around the world.

There were 14 events planned for the 2026 season but in April, LIV postponed June’s New Orleans competition amid questions over its future and has not announced a rescheduled date.

O’Neil said LIV is focused on “delivering a great week for fans and players at Bedminster” in New York, starting on Sunday and “finishing the 2026 season strong” – but made no explicit mention of the final two events scheduled this season, in Indianapolis from 23 August and the concluding team championship in Michigan from 30 August.

Major winners including Bryson DeChambeau, Dustin Johnson, Jon Rahm, Cameron Smith, Martin Kaymer and Sergio Garcia remain part of the LIV roster after having left the PGA Tour.

American major champions Brooks Koepka and Patrick Reed rejoined the PGA Tour after it introduced a returning member programme.

In July, the PGA Tour and DP World Tour struck an alliance with the Asian Tour in another blow to LIV Golf.

O’Neil added: “We’re also seeing strong interest from more than a dozen additional parties to potentially serve as minority investors, creating a multi-partner model built for long-term stability and growth.”

LIV was founded in 2021 and launched the following year with 54-hole events and took its name from the Roman numeral for 54.

However, it moved to the traditional 72-hole format for golf tournaments from this season.