LIV Golf to wind down after five years as rescue plan fails
LIV Golf has told a bankruptcy court it will wind down operations rather than launch a revised version, after a $300 million rescue plan failed to win player backing.
LIV Golf, which started in June 2022 with large signing bonuses to attract top players from the PGA Tour, told a bankruptcy court in New Jersey that it will liquidate its business instead of proceeding with its planned LIV 2.0 relaunch. The league had lost Saudi Arabia funding in April after spending heavily, and had filed for Chapter 11 bankruptcy in September.
BC Partners Credit had offered a $300 million investment to support a more financially sustainable model, but several leading players did not agree to the terms. BC Partners said it was disappointed that mutually acceptable terms could not be reached among the stakeholders.
The league also faced setbacks from the Asian Tour, which renewed its alliance with the PGA Tour and the DP World Tour, and from European Tour leadership, which said players who joined LIV 2.0 would not be eligible for its membership. Questions now remain over whether certain payments made to LIV executives before the bankruptcy filing can be voided.