LIV Golf to Close Operations After Failed Funding Bid

Golf fans and players who followed the LIV circuit for the past five years will no longer see the league’s events next year. The organization announced Thursday that it is shutting down operations after failing to secure the money and player commitments needed to restart in 2027. This ends a chapter in professional golf that began in 2022 with high-profile defections from the PGA Tour.

The decision came after BC Partners, a London-based investment firm, dropped out of a plan to fund the league's second phase. BC Partners had agreed to invest $300 million to replace Saudi Arabia's Public Investment Fund as the primary financier. However, the firm pulled out on Wednesday after it could not reach an agreement with key stakeholders. A source noted that while about 30 players had committed to returning and another 10 were still considering, the negotiations dragged on too long for the investors.

LIV Golf attorney Matthew Williams explained the situation to U.S. Bankruptcy Court Judge Michael B. Kaplan during a hearing on Thursday. Williams stated that the league would file a new Chapter 11 bankruptcy plan on Monday to manage the wind-down of the business. He described the process as a "value-maximizing wind-down" rather than a reorganization. Williams said the debtors were unable to bring key parties to a fully consensual arrangement that would have supported a financially viable version of the league.

The league had been under Chapter 11 bankruptcy protection since September 8. At that time, it reported assets between $100 million and $500 million and liabilities between $500 million and $1 billion. Williams noted that the decision to shut down was only made on Thursday morning after intense negotiations over several weeks. He said every constituency made meaningful efforts to find common ground, but they could not reach the necessary level of combined financial and player support within the required timeline.

CEO Scott O'Neil issued a statement reflecting on the league's history. He said that building a global platform to bring new fans to golf had been a rewarding experience for the team. O'Neil highlighted that the league delivered competitions across five continents, secured pathways to major championships, and attracted elite talent. He expressed hope that the team would continue to engage with stakeholders focused on the future of the game.

Several top players who joined LIV Golf in its early years are moving on. Jon Rahm, Sergio Garcia, and Tyrrell Hatton did not commit to the new plan and intend to play on the DP World Tour next season. The Public Investment Fund had announced in April that it would not finance the league beyond the current season. The Saudi government invested more than $5 billion into the circuit, which lured stars like Bryson DeChambeau and Dustin Johnson away from the PGA Tour with guaranteed contracts of more than $100 million and event purses of $30 million.