LIV Golf ends operations after failed $300m rescue deal
The Saudi-backed tour will liquidate its assets in New Jersey, dropping plans for a 2027 reboot due to a lack of investor agreement.
By Chioma Brooks ·
LIV Golf has ended its bid to survive by launching a new version of the tour, instead beginning a formal wind-down of its operations. The decision was announced at a bankruptcy hearing in New Jersey on Thursday, where the company confirmed it is entering liquidation. This move abandons the proposed "LIV 2.0" structure that was intended to make the organization more financially stable for the 2027 season.
The collapse of the rescue plan followed a failure to reach an agreement with BC Partners Credit. The investment platform had pledged $300 million to help the tour transition to a sustainable model after LIV filed for bankruptcy in September. However, the deal fell through after Saudi Arabia's Public Investment Fund withdrew from the initial transaction, a move driven by the departure of several star players.
LIV Golf, which launched in 2022, initially relied on heavy Saudi funding to offer nine-figure signing bonuses to top athletes. The organization spent more than $5 billion before losing that primary financial support in April. This year, the league faced further financial strain when the Public Investment Fund stated it would stop funding the league at the end of its fifth season. The tour also cancelled two events and notified its staff last month of a reduction in operations and employee dismissals.
The financial pressure forced a restructuring of player contracts. Spanish golfer Jon Rahm reportedly agreed to give up claims valued at approximately $100 million to exit his agreement. Other notable departures included Sergio Garcia, Ian Poulter, Tyrrell Hatton, Louis Oosthuizen, and Lee Westwood. The bankruptcy filing effectively cancelled these playing contracts, leaving the remaining assets to be sold off following the court hearing.
Matthew Williams, a lawyer representing the company at Gibson Dunn, stated that the debtors are not proceeding with the LIV 2.0 plan. Instead, the organization is moving toward a value-maximizing wind-down of its business. BC Partners Credit expressed disappointment that mutually acceptable terms could not be met among stakeholders.
Scott O'Neil, the chief executive of LIV Golf, defended the tour's legacy in a statement. He argued that the organization achieved its core goal of building a global platform that attracted younger and more diverse fans to the sport. The company said it intends to transition to an orderly wind-down of its operations while maintaining its commitment to growing the game and creating opportunities for players and partners worldwide.
Rory McIlroy, a two-time Masters winner who had criticized the Saudi-led project since its inception, commented on the news ahead of the Abu Dhabi Aldar Championship. He expressed hope that men's golf can now undergo a reset after LIV's attempts to disrupt the DP World Tour.
