LIV Golf is expected to seek liquidation of its assets after its primary financial backer withdrew support for a proposed new league due to insufficient player participation.
LIV Golf is set to be wound down after its main investor withdrew support for a proposed new version of the league because the plan lacked enough player support, according to reports from The Financial Times.
BC Partners Credit had pledged as much as $300 million for a proposed entity called “LIV Golf 2.0,” which reportedly intended to feature at least 10 tournaments and an emphasis on teams, according to Sportsnet.ca. However, the deal required sufficient player participation to proceed.
While BBC Sport understands that those working on LIV 2.0 had received commitments from co-investors and had approximately 30 players signed up, including major winners, the timelines proved insurmountable. Sources told BBC Sport that the organizers could not secure the agreements needed to move forward.
As a result, a previously scheduled hearing in U.S. Bankruptcy Court on Thursday is expected to shift toward LIV Golf seeking the liquidation of its assets, according to The Financial Times.
LIV Golf was founded in 2021, with its first season taking place in 2022. The league was launched with the backing of the Public Investment Fund (PIF) of Saudi Arabia, which lured several high-profile players—including Dustin Johnson, Brooks Koepka, Bryson DeChambeau, and Jon Rahm—with signing bonuses of nine figures. Sportsnet.ca reported that even players with only one PGA Tour victory signed for $30 million, which was more than they had earned in their prior careers.
The league, which was originally run by Greg Norman, has spent more than $5 billion. Following the start of the Iran war, the PIF changed its investment strategy and stated it would no longer pay for LIV Golf after the 2026 season, according to Sportsnet.ca. This led to the league filing for bankruptcy protection on September 8.
The transition to a new league has been marked by significant player movement. BBC Sport reported that leading players such as Jon Rahm and Sergio Garcia had already walked away from the league. Other players who left include Ian Poulter, Tyrrell Hatton, and Graeme McDowell. When Rahm departed, it was reported he was owed approximately $100 million from the remainder of his contract.
Lee Westwood, a high-profile player who joined LIV in 2022, stated that while the proposed revamp had potential to thrive, "there hasn't been anything presented to me that is agreeable for LIV 2.0."
During the bankruptcy process, the European tour issued an ultimatum stating that anyone who signed with LIV 2.0 would be ineligible for membership, which would make European players ineligible for the Ryder Cup, according to Sportsnet.ca.
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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