LIV Golf’s business is doing just fine, folks, except for running golf tournaments. That part’s not going so well. Golf’s gilded music-blasting good-time renegade tour recently postponed its New Orleans event , leading to the question: If you can’t party in New Orleans, where can you party?

Don’t ask Saudi Public Investment Fund governor Yasir Al-Rumayyan. He has finally dropped his golf dream and pulled his country’s money. LIV has been de-gilded and de-golfed. The tour just announced the formation of a new board, which means that LIV golfers are now at the mercy of private-equity sharks. Take a moment to lap that up.

None of this is surprising. LIV started conceding the fight when it let star Brooks Koepka return to the PGA Tour last winter. A lot has to happen from here, and many lawyers will bill many hours. But the PGA Tour is in position to win this fight decisively.…