Saudi Arabia will withdraw its multi-billion dollar backing of LIV Golf at the end of the season, plunging the future of the series into doubt.

On Thursday, the breakaway tour announced a "strategic evolution" - including a newly established independent board led by Gene Davis and Jon Zinman, who it says have "proven track records of navigating complex situations" - as it bids to find replacement financial investors.

BBC Sport has been told that Yasir Al-Rumayyan - the governor of the Saudi Public Investment Fund (PIF) - has stepped down from the board.

Al-Rumayyan co-founded LIV in 2021 and has been the tour's most powerful figure.

PIF released a statement on Thursday stating that the "substantial investment" required by the event over a longer term is "no longer consistent with the current phase of PIF's investment strategy".

"LIV Golf has substantially grown the game globally through its transformational and positive impact. It has forever changed the game of golf for the better," the statement read.

"PIF remains committed to deploying capital internationally in line with its investment strategy, including its substantial current and future investments in various sports."

This week LIV postponed its June event in New Orleans, meaning it will not have any tournaments in the US between 10 May until 6 August, when it goes to Trump Bedminster in New Jersey.

However, LIV tournaments are due to take place in South Korea, Spain and Britain during this period.

BBC Sport has been told LIV remains hopeful of remaining an international tour with a team model, and that it is in "constructive" talks with potential investors. The series is said to be "totally up for sale".

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 formalise 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 described Davis as a "leading corporate governance and strategic advisory professional", while Zinman is said to have "expertise in driving financial and operational transformation for companies navigating complex reorganisations".

Its statement did not mention PIF or Al-Rumayyan.

Sources indicated that executives are exploring a number of opportunities to "reposition" the business. They said LIV Golf was on course to earn $100m (£86m) more in 2026 than last season, and are telling potential investors that ten of the LIV teams will be profitable this year.

However, officials accept it is almost certain that the series will have to be significantly scaled back, with far fewer than the current 14 events.

Team captains and staff have been told of LIV's plan to find new funding.

This month LIV Golf chief executive Scott O'Neil told players the 2026 season would continue "as planned and uninterrupted" amid rumours the tour was on the verge of collapse, although he did not address what might lie ahead.

It came as PIF - which also owns Premier League club Newcastle United - announced a new strategy, with a focus on more sustainable investments.

Major winners Jon Rahm, Bryson DeChambeau, Phil Mickelson and Cameron Smith are among the players who compete on the LIV tour.

The project, which pivoted to a more traditional 72-hole format this year, has been bankrolled by an eye-watering amount of money from PIF.

The overall investment surpassed $5bn (£3.8bn) when fresh capital of $267m (£229m) was injected this year.

The tour's net losses in markets outside the US increased to $462m (£340m) in 2024, meaning it had lost more than $1.1bn (£810m) since it was established in 2021.

But with vast amounts of money pumped into the US arm of the operation, overall losses look likely to run to several billion dollars.

In February, Rahm, Smith and DeChambeau turned down a one-time opportunity to apply for reinstatement to the PGA Tour under its 'Returning Member Programme', which was facilitated for those who had won a major - or The Players Championship - since 2022.

Five-time major winner Koepka was the only player to take up the offer and smoothed his return by paying fines said to be worth about £63m.

Amid reports that some LIV golfers have approached the PGA Tour and DP World Tour to explore possible returns, it remains unclear if the series' potential demise would see such a path reopened, and what terms might be issued.

Speaking after the most recent event in Mexico City, DeChambeau said, "As of right now, my job is to help make the league work after this year. I just feel like I have a responsibility. I've put a lot of effort into it. So that's what I'm going to do, we're going to make this work.

"As long as LIV is here, I would figure out a way for it to make sense."

LIV Golf Virginia at Trump National Golf Club, just outside of Washington DC, is scheduled to begin on 7 May.

Saudi Arabia hosts and invests in a number of sports, including football, boxing, Formula 1 and tennis, and is due to host the 2034 World Cup. Earlier this month, PIF announced it had sold a 70% stake in Saudi Pro League club Al-Hilal.

The Saudi Arabia Snooker Masters, one of the richest events on the sport's calendar, was cancelled just two years into a 10-year deal.