When Saudi Arabia’s Public Investment Fund launched LIV a little more than three years ago, professional golf was ripe for disruption. International players dominated the sport while many of the PGA Tour’s top pros, like Phil Mickelson, griped about various systemic issues. In the intervening years, LIV has hardly been a roaring success—it suffered reputational setbacks, was criticized as a sportswashing apparatus of the Saudi government, and its losses have to be in the hundreds of millions of dollars. Nevertheless, LIV has been formidable enough that PIF has convinced the PGA Tour to sell it a minority stake, pending regulatory approval.