LIV Golf announced on a Thursday that it is shutting down operations after failing to secure funding for a reorganization. An attorney for the venture stated in a New Jersey bankruptcy court that debtors have decided to wind down the business rather than move forward with a proposed restructuring.
The league launched in 2022 with backing from Saudi Arabia’s Public Investment Fund (PIF). Since its inception, the PIF has invested more than $5 billion into the venture. However, in April, the fund announced it would change its investment strategy and end funding for LIV Golf after the 2026 season.
Following a Chapter 11 bankruptcy filing on September 8, the league attempted to secure a $300 million investment from BC Partners Credit for a project titled "LIV 2.0." BC Partners stated that although they supported a path toward a sustainable future, stakeholders could not reach mutually acceptable terms. Several high-profile players, including Brooks Koepka, opted to return to the PGA Tour, while Jon Rahm agreed to forfeit claims worth an estimated $100 million to exit his contract.
Additional setbacks included the Asian Tour's decision in July to renew its alliance with the PGA Tour and the European DP World Tour. Furthermore, European tour CEO Guy Kinnings stated last month that players joining "LIV 2.0" would be ineligible for European tour membership, potentially disqualifying them from the Ryder Cup. Documents also revealed that LIV paid $15.6 million to retain seven executives, including $6.375 million to CEO Scott O'Neil, in the period leading up to the bankruptcy.
The financial scale of the shutdown involves the loss of a $5 billion investment from the Saudi Public Investment Fund and the collapse of a proposed $300 million rescue package. For fans and broadcast partners like the CW Network and Fox Sports, the closure marks the end of a specific format featuring 54-hole shotgun starts and $25 million individual and team prize funds per event. The exit of these high-stakes purses, which often paid millions to winners in a single weekend, represents a significant shift in the available prize pool for professional golf.
Next steps for the organization include the legal process of winding down the business under court supervision. Legal questions remain regarding whether $15.6 million in executive retention payments can be voided now that the company is no longer attempting to emerge from bankruptcy. The PIF had previously committed to funding through the 2026 season, but with the bankruptcy court's move toward liquidation, the specific end date for all remaining operations and televised events has not been reported. Players like Rahm are currently playing the European tour while seeking a path for reinstatement to the PGA Tour.