LIV Golf will wind down its operations after its debtors decided not to pursue a proposed reorganization, an attorney for the league told a New Jersey bankruptcy court on Thursday, November 5. The decision ends the effort to secure a new investment and build a more financially sustainable version of the tour.
The announcement concerns a planned wind-down; it does not mean the process was completed on Thursday. The Associated Press also reported the court announcement.
LIV filed for Chapter 11 bankruptcy protection on September 8. The league had been pursuing a proposed $300 million investment from BC Partners Credit to support a restructuring known as “LIV 2.0.” The investment did not proceed after the parties failed to agree on acceptable terms.
“While there was great support for the league, we are disappointed that mutually acceptable terms could not be reached among the various stakeholders,” BC Partners said in a statement, according to CBS News.
Funding setback preceded the court decision
Saudi Arabia’s Public Investment Fund, which financed LIV Golf, said earlier this year that it would stop funding the league after the 2026 season. The fund had invested more than $5 billion in the venture since its launch in 2022, CBS News reported.
The league’s proposed turnaround also faced uncertainty among players. Brooks Koepka opted to return to the PGA Tour, while other prominent LIV players, including Jon Rahm and Sergio Garcia, were cited in reports about the failed effort to reach terms.
LIV launched with a format featuring 54-hole events and team competition. It later secured broadcast agreements with The CW Network and Fox Sports, but the decision to wind down now shifts the company’s focus from restructuring to closing its business.
Nicole French