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LIV Golf is shutting down after five years, with the liquidation process set to begin on Monday. The announcement was made Thursday during a bankruptcy hearing in New Jersey, where LIV's attorney, Matthew Williams, confirmed the decision. This follows the withdrawal of a $300 million investment offer from BC Partners, which was contingent on securing enough player commitments for 2027, as reported by Financial Times.
The Saudi-backed league, which spent over $5 billion during its existence, had filed for Chapter 11 bankruptcy in September. BC Partners had initially planned to relaunch the league as "LIV 2.0" but decided against it due to insufficient player commitments. According to CBS Sports, the firm had hoped to stage a 17-tournament global league but faced challenges in securing enough notable players.
The league's remaining assets will be sold, with another bankruptcy hearing scheduled for November 24. The Public Investment Fund of Saudi Arabia, which initially backed LIV Golf, had ceased its funding earlier this year, leading to the league's financial struggles. Yahoo Sports reported that the league's creditors, including players and vendors, are owed between $500 million and $1 billion.
LIV Golf's closure marks the end of its attempt to rival established tours like the PGA Tour and DP World Tour. Many of its top players, including Jon Rahm, Sergio García, and Tyrrell Hatton, had already departed for other tours. The league's inability to secure enough player commitments and financial backing ultimately led to its downfall.