Liszt and Chopin were close friends, both in the sense of profession and life. Toward the end of Chopin's life, their communication became rare and Liszt seemed to get away from Chopin. What really happened between these two composers?
I think their friendship ended around 1847, when Liszt started his journey of pilgrimage to Switzerland and Italy. The other reason wasn't clear. These two are not competing over performance and talent. Chopin doesn't like performing and focus on teaching and composing. Liszt on the other hand loves public appearance.
I don't know if Sand was among the reasons. Liszt was the connection between Sand and Chopin in the first place. In 1847, Sand and Chopin broke up, so maybe Liszt took Sand's side? Liszt wrote his middle section of his Funerailles in Chopin's style but denied that this part was in memory of Chopin.