LIV Golf has confirmed its intention to cease operations due to a lack of financial support, the league's lawyer Matt Williams told bankruptcy court on Thursday. The league had hoped to continue in a new format called LIV 2.0 under new investors, but Williams said they are "not currently proceeding" with that plan and are "switching to a value-maximising wind-down of their business".
The development was prompted by investors, the credit division of investment firm BC Partners, pulling out on Wednesday. The main reason for the withdrawal was that not enough players had signed up. The league had previously secured potential $300 million (£223 million) in financing from BC Partners Credit. A BC Partners spokesperson said they had supported a transaction that aligned the interests of players and investors, but were disappointed that mutually acceptable terms were not reached among the various stakeholders.
LIV Golf was previously funded by Saudi Arabia's Public Investment Fund (PIF), which withdrew its support in April. The league filed for bankruptcy protection in September. PIF lawyer Scott Greissman told the court that they had learned of the decision a few hours prior, that they respected it, and that they looked forward to working with the board and creditors on an orderly wind-down by the end of the year. The hearing lasted 13 minutes and did not reveal which players had signed up or figures regarding money owed to unsecured creditors. A statement of disclosure and a plan of liquidation will be filed by 9 November.
Those working on LIV 2.0 had commitments from co-investors, felt support within golf, and had around 30 registered players, including major winners. Despite this, LIV said it would continue to consider alternatives during the process and remain open to them. The league announced a schedule for 2027, with an event planned in Adelaide from 18 to 21 March at Kooyonga Golf Club.
LIV Golf was launched in 2021, and the PIF spent more than $5 billion (£3.7 billion). Among the players it attracted were Jon Rahm and Bryson DeChambeau. In recent weeks, Rahm and Sergio Garcia left, and among those departing were Ian Poulter, Tyrrell Hatton and Graeme McDowell. When Rahm left, it was reported that he was owed approximately $100 million (£75 million) from the remainder of his contract. The 2026 season ended early, with the August event in Indianapolis being the last.
When the PIF announced the withdrawal of funding in April, LIV announced a "strategic evolution", including a newly established independent board. The European Tour, sponsored by DP World, announced last month that those who sign up for LIV Golf next season will not be able to be members of the European Tour in 2027. Only DP World Tour members can play for Europe in the Ryder Cup. Lee Westwood said the proposed revival still has potential for success, but that "nothing has been presented to me that is acceptable for LIV 2.0". DeChambeau said he hopes the league will "exist forever". Former TaylorMade and Adidas director Mark King was appointed senior advisor last week, and a loose deadline for LIV to confirm its players for 2027 was set for last Sunday. LIV Golf chief executive Scott O'Neil issued a detailed statement.
