LIV Golf will wind down operations after failing to secure financial backing, ending its run as a rival to the PGA Tour.
LIV Golf will shut down after failing to secure financial backing for its future, the league announced Thursday. The Saudi-backed breakaway league filed for Chapter 11 bankruptcy protection on Sept. 8, 2026, and its planned relaunch, LIV 2.0, collapsed after investment firm BC Partners Credit pulled out of a $300 million investment deal.
LIV Golf's attorneys confirmed during a November 5 bankruptcy court hearing in New Jersey that plans for LIV Golf 2.0 would not move forward. Attorney Matthew Williams of Gibson Dunn said the debtors were unable to bring key parties to a fully consensual arrangement that would have supported a financially viable LIV 2.0 league.
"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," Williams said. "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."
BC Partners Credit said it supported a transaction that aligned the interests of players and investors, offering a credible path toward building a sustainable future for LIV Golf. The firm said it was disappointed that mutually acceptable terms could not be reached among the various stakeholders.
Saudi Arabia's Public Investment Fund announced in April that it would not finance LIV Golf beyond the 2026 season. Court filings for LIV Golf Investments Ltd. show that the PIF invested approximately $5 billion into LIV Golf. LIV Golf had about $3 billion in net operating losses.
Court filings show that LIV Golf had between $100 to $500 million in assets, with $500 million to $1 billion in liabilities. Court records show that Rahm, Koepka, Bryson DeChambeau and Dustin Johnson are among the league's creditors with substantial unanswered claims.
The league also faces several lawsuits from vendors who say they haven't been paid.
LIV Golf CEO Scott O'Neil said in a news release: "Golf has given so much to so many, and my hope is that those entrusted with its future will lead with the generosity, perspective, and shared purpose this extraordinary game deserves."
LIV Golf Board's Special Committee members Gene Davis and Jon Zinman said in a statement: "In light of the current circumstances, we believe shifting toward an orderly wind-down is the most responsible path forward for the league at this time. The dedication of LIV Golf's players, employees, partners and fans made everything the League accomplished possible, and we thank BC Partners Credit for its considerable time and effort, the Public Investment Fund of Saudi Arabia for its partnership, and the league's advisers for their work throughout this process."
LIV Golf's shutdown ends a five-year challenge to the PGA Tour that included player suspensions, legal battles, and a failed merger with its rival. The league's collapse leaves the futures of its players unresolved and raises questions about the financial obligations left behind in its bankruptcy proceedings.
Sources
This article was drafted with AI assistance and checked against the sources above. Company claims are reported as claims. Cover image is AI-generated.
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