LIV Golf Files for Final Bankruptcy Plan to End Operations

LIV Golf has ceased operations.

The league informed a U.S. Bankruptcy Court on Thursday that it cannot secure the necessary funding and player commitments to launch a relaunched version of the tour. The organization will now move toward a formal wind-down of its business activities. This marks the end of a five-year venture that spent more than $5 billion in capital.

Attorney Matthew Williams presented the news to Judge Michael B. Kaplan during a court hearing. Williams stated that the league failed to reach a fully consensual arrangement with key stakeholders. He described the upcoming plan as a value-maximizing wind-down. The league intends to file a new Chapter 11 bankruptcy plan on Monday. It remains open to other alternatives that may emerge during the process.

The immediate trigger for the collapse was a decision made Wednesday by BC Partners. The London-based investment firm withdrew its planned $300 million investment in the new league. A spokesperson for BC Partners said the firm supported a transaction that aligned the interests of players and investors. The company expressed disappointment that mutually acceptable terms could not be reached. The decision to shutter the league was finalized on Thursday morning.

BC Partners had agreed to replace Saudi Arabia's Public Investment Fund as the primary financier. The firm pulled out after determining that too few top golfers had committed to return in 2027. One source noted that LIV had secured pledges from roughly 30 players, with another 10 still considering. However, negotiations with these athletes dragged on, leading to the withdrawal.

Scott O'Neil, the CEO of LIV Golf, issued a statement reflecting on the venture. He called the effort a round of a lifetime for the team. O'Neil described the league as fun, demanding, inspiring, and rewarding. He highlighted the organization's ability to attract elite and rising talent. The league offered team and individual competitions across five continents, along with pathways to major championships and Official World Golf Ranking points.

Williams emphasized that the failure resulted from a lack of combined support rather than a lack of effort. He noted that the debtors, BC Partners, the PIF, players, and the creditors committee negotiated intensely over several weeks. They worked through multiple iterations of financing. Williams said every constituency made meaningful efforts to find common ground. However, they could not achieve the required level of financial and player support within the necessary timeline.

LIV Golf voluntarily filed for Chapter 11 bankruptcy protection on Sept. 8. The filing reported between $100 million and $500 million in assets against $500 million to $1 billion in liabilities. Williams stated that a wind-down was the most likely way to maximize value for creditors. The strategic initiative committee will revisit this decision if circumstances change.

Several former stars, including Jon Rahm, Sergio Garcia, and Tyrrell Hatton, did not commit to the new league. These players plan to compete on the DP World Tour next season. The PIF announced in April that it would stop financing the circuit beyond the current season. The Saudi fund poured more than $5 billion into the league, which lured players from the PGA Tour starting in 2022 with guaranteed contracts topping $100 million and event purses of $30 million.