LIV Golf, the professional golf league founded in 2021 and supported mainly by Saudi Arabia’s Public Investment Fund, has announced its decision to cease operations and transition from restructuring to liquidation.
During a brief session in U.S. Bankruptcy Court in New Jersey, attorneys for the league confirmed the move. This came after their plans for a revamped version, known as LIV 2.0, derailed due to a lack of financing from BC Partners Credit.
Launching its inaugural season in 2022, LIV Golf introduced a team-based format that diverged from traditional individual play. The events featured four-player teams, shotgun starts, and engaging elements like music to attract wider audiences.
With over $5 billion invested, the Public Investment Fund provided substantial financial backing throughout its operation, hosting events globally while managing to secure some Official World Golf Ranking points for players.
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Breaking: A LIV Golf attorney told a U.S. Bankruptcy Court judge that the league couldn't get the necessary financial commitment and player support to proceed with LIV 2.0 and the company will begin winding down its operations. pic.twitter.com/UUVkT0jkks
— ESPN (@espn) November 5, 2026
Many recognized players from the PGA Tour joined LIV Golf, including figures like Phil Mickelson and Dustin Johnson. They were offered significant guaranteed contracts, although several, including Jon Rahm and Brooks Koepka, eventually departed.
In April, the Public Investment Fund revealed it would not extend its funding past the 2026 season, leading to cancellations and the bankruptcy filing. The league has been reported to have assets ranging from $100 million to $500 million, juxtaposed against liabilities of $500 million to $1 billion.
League officials tried to negotiate a Restructuring Support Agreement with BC Partners Credit, aiming for a $300 million investment for LIV 2.0’s future in 2027. Reports suggested interest from around 30 players, but several big names opted out. BC Partners ultimately withdrew their support after failing to reach agreeable terms.
In the November 5 court session, attorney Matthew Williams remarked, “The debtors were unable to create a consensual arrangement to support a financially viable LIV 2.0 league. Now, they are moving toward a value-maximizing wind down of their business.”
He emphasized that securing the necessary financial and player backing for a feasible LIV 2.0 within the timeline set was not achievable. The league expressed its willingness to explore value-maximizing options from third parties during this process.
A formal restructuring proposal is anticipated around November 9, with a creditors’ committee meeting slated for November 20.
