LIV Golf, the professional golf league established in 2021 and backed primarily by Saudi Arabia’s Public Investment Fund, announced Thursday that it will wind down operations and shift from a restructuring process to liquidation.
Attorneys for the league confirmed the decision during a brief hearing in U.S. Bankruptcy Court in New Jersey. The move follows the collapse of plans for a restructured version known as LIV 2.0 after potential financing from BC Partners Credit did not proceed.
LIV Golf launched its first season in 2022 as a team-based competition distinct from traditional individual stroke-play tours. Events typically featured 13 teams of four players each, shotgun starts, and elements such as music and fan experiences intended to reach broader audiences.
The league operated with significant financial support from the Public Investment Fund, which invested more than $5 billion over the course of its existence. It held events on multiple continents and secured limited Official World Golf Ranking points along with pathways for some players into major championships.
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The league attracted a roster that included several prominent players from the PGA Tour and other circuits. Among those who joined at various points were Phil Mickelson, Dustin Johnson, Brooks Koepka, Jon Rahm, Bryson DeChambeau, Sergio Garcia, Cameron Smith, Tyrrell Hatton, Lee Westwood, Ian Poulter, Bubba Watson, and Louis Oosthuizen.
Many received substantial guaranteed contracts. Over time, a number of these players departed, including Rahm, Garcia, Hatton, Koepka, and others, particularly after the league filed for Chapter 11 bankruptcy protection back in September.
This past April, the Public Investment Fund indicated that it would not provide funding beyond the 2026 season. This led to reduced operations, canceled events, and the bankruptcy filing, which listed assets between $100 million and $500 million and liabilities between $500 million and $1 billion.
League leadership pursued a Restructuring Support Agreement with BC Partners Credit for potential financing of up to $300 million to support LIV 2.0 in 2027. Reports indicated interest from around 30 players, though several high-profile names declined to commit. BC Partners later withdrew support, citing an inability to reach mutually acceptable terms with stakeholders.
During the November 5 court hearing, which lasted approximately 13 minutes, attorney Matthew Williams
“The debtors were ultimately unable to bring the key parties to a fully consensual arrangement that would have supported a financially viable LIV 2.0 league. As a result, the debtors are not currently proceeding with the LIV 2.0 plan. Instead, the debtors are toggling to a value-maximizing wind down of their business,” attorney Matthew Williams stated during Thursday’s press conference.
He also noted that the combined financial and player support needed for a viable LIV 2.0 could not be secured within the required timeline. The league stated that it remains open to considering any value-maximizing alternatives from third parties during the process.
A formal plan is expected to be filed around November 9, with a creditors’ committee meeting scheduled for November 20.
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