LIV Golf, the disruptive circuit that fractured the sport of professional golf with billions of dollars in foreign backing, is shutting down its operations and moving to liquidate its assets, league officials announced Thursday.
The decision to end the five-year venture came after a proposed restructuring plan dubbed “LIV 2.0” failed to secure enough commitments from premier players. BC Partners Credit, an investment firm that had pledged an initial financing package of up to $300 million to salvage the circuit, withdrew from the transaction when top golfers balked at signing on, according to reports from AFP and Forbes.
During a 13-minute bankruptcy court hearing in New Jersey on Thursday, LIV attorney Matthew Williams told a judge that the league would pivot from Chapter 11 reorganization to an orderly liquidation starting Monday, AFP reported. Real estate, trademarks and other property will be sold off to repay creditors, according to Forbes.
Player Exodus Follows Saudi Pullout
LIV Golf entered financial turmoil after Saudi Arabia’s Public Investment Fund, which had poured an estimated $5 billion into the venture since its launch, announced in April that it would cease funding following the 2026 season. Without sovereign backing, the circuit sought bankruptcy protection in September, reporting between $100 million and $500 million in assets against $500 million to $1 billion in liabilities owed to at least 1,000 creditors, according to court documents cited by ESPN.
“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,” LIV Golf board members Gene Davis and Jon Zinman said in a joint statement Thursday.
Efforts to salvage the tour unraveled as its marquee recruits looked elsewhere. Jon Rahm, who defected to LIV on a reported $300 million contract, recently voiced a willingness to accept disciplinary penalties in order to return to the PGA Tour, Deadline reported. Other top figures, including Bryson DeChambeau, declined to publicly commit to the reworked circuit, leaving organizers without the star power demanded by prospective investors.
“Building a global platform designed to bring new, younger, and more diverse fans to the sport of golf has been the round of a lifetime for all of us. LIV Golf was fun, demanding, inspiring, at times challenging — but always rewarding.”
— Scott O'Neil, LIV Golf Chief Executive
A Tumultuous Five-Year Run
Founded in 2021, LIV staged its debut event in June 2022 under former player Greg Norman, who led the organization until 2025. The circuit challenged traditional golf norms by organizing players into Formula 1-style teams, playing loud music across courses, permitting shorts and holding shotgun starts across three-day, 54-hole tournaments before expanding to 72 holes this year.
The league also provoked intense backlash over its funding source, drawing protests from families of 9/11 victims at a tournament hosted at a New Jersey course owned by Donald Trump. Broadcast ratings remained modest throughout its run, airing first on The CW under an ad-sharing arrangement and later on Fox Sports, Deadline reported.
Despite its commercial demise, LIV triggered lasting structural changes across the sport. To counter player defections, the PGA Tour instituted higher tournament purses and planned a streamlined competitive format scheduled to debut in 2028.
LIV Golf stated Thursday that it will remain open to any third-party proposals that could maximize value during the liquidation process, though no alternative buyers have publicly surfaced as court proceedings resume next week.
