In a Chapter 11 hearing on Thursday, attorney Matthew Williams of Gibson Dunn announced that LIV Golf will wind down its operations rather than launch a new “LIV 2.0” version. The league, which entered bankruptcy on Sept. 8, said it is now pursuing a “value‑maximizing wind‑down” of the business.
Loss of Saudi backing and investor support
Founded in June 2022 with nine‑figure signing bonuses to attract top players from the PGA Tour, LIV Golf relied heavily on funding from Saudi Arabia. In April, the Public Investment Fund (PIF) changed its strategy and stopped financing the league after the 2026 season, cutting off the primary source of capital.
Earlier, BC Partners Credit had pledged a $300 million investment to help pivot the league toward a more financially sustainable model. However, marquee players such as Jon Rahm, Sergio Garcia, Tyrrell Hatton and Louis Oosthuizen declined to join the proposed new league, leaving the venture without the talent needed to attract sponsors and fans.
Bankruptcy proceedings and executive payouts
The court heard that LIV Golf paid $15.6 million to retain seven executives, including $6.375 million to CEO Scott O’Neil. While such payments are common in bankruptcy restructurings, the question remains whether they can be voided now that the league is not moving forward.
Players have also begun to sever ties. Rahm agreed to forfeit claims against LIV estimated at $100 million to exit his contract and return to the European Tour, where he faces a one‑year ban from the PGA Tour. Brooks Koepka and Patrick Reed have similarly left the league, with Reed expected to rejoin the PGA Tour next season.
Impact on the broader golf landscape
The Asian Tour, which previously received LIV support for its International Series, renewed its alliance with the PGA Tour and the DP World Tour in July. European Tour CEO Guy Kinnings warned that any new LIV entity could jeopardize players’ eligibility for the Ryder Cup, underscoring the ongoing tension between the traditional tours and the short‑lived venture.
Despite early broadcast deals with the CW Network in 2023 and Fox Sports in 2025, LIV Golf never secured a stable media partnership, further limiting its revenue streams.
What comes next?
With the league entering a liquidation phase, creditors and former investors will seek to recover assets, while former players look to re‑establish their careers on established tours. The final LIV event, held in August in Indianapolis and won by Michael La Sasso, marked the end of a five‑year experiment that reshaped professional golf’s competitive landscape.
Original reporting: KOAT Albuquerque — read the source article.
