LIV Golf to wind down operations following collapse of $300 million rescue deal

LIV Golf announced plans on Thursday to begin an orderly wind-down of its operations after a $300 million rescue investment from BC Partners Credit fell through.

Attorneys for the Saudi-backed league informed a New Jersey bankruptcy court that they are shifting toward liquidating the business rather than proceeding with a proposed reorganization known as "LIV 2.0." According to Fox News, the liquidation process is expected to begin on Nov. 9. The decision follows the withdrawal of a pledged $300 million lifeline from BC Partners Credit, which reportedly scrapped the deal after the league failed to secure enough firm commitments from high-profile players.

LIV attorney Matt Williams told the court that despite the league's best efforts, it could not reach the necessary level of combined financial and player support within the required timeline. BBC Sport reported that while organizers had approximately 30 players signed up and a 2027 schedule in place, the investor was dissatisfied with the roster mix. Notable players including Jon Rahm and Sergio Garcia had recently walked away, with Rahm reportedly forfeiting $100 million in claims against the league to exit his contract.

The Public Investment Fund (PIF) of Saudi Arabia, which bankrolled the circuit with more than $5 billion since its 2022 launch, expressed respect for the decision to wind down. A PIF lawyer stated in court that they had only learned of the decision hours earlier and would work toward closing operations by the end of the year. CBS News reported that LIV paid $15.6 million to retain seven executives, including CEO Scott O'Neil, in the months between PIF's funding withdrawal and the bankruptcy filing.

The league's collapse follows several setbacks, including the Asian Tour's decision in July to renew its alliance with the PGA Tour and Europe's DP World Tour. While NBC News noted that LIV attracted healthy overseas audiences, it failed to secure a long-term television partner in the U.S., which hampered revenue. The bankruptcy hearing did not provide details on the specific amounts owed to unsecured creditors.

Background

LIV Golf filed for Chapter 11 bankruptcy protection on Sept. 8 after the Saudi Public Investment Fund announced in April it would cease funding the league after the 2026 season. The breakaway tour was founded in 2021 by a group of golfers led by Greg Norman and Phil Mickelson.