LIV Golf Files Plan to Wind Down Operations After Funding Failure

Professional golfers and investors face a new reality as LIV Golf prepares to close its doors. The organization told a federal bankruptcy court on Thursday that it will not launch a new version of the tour. Instead, it will enter a structured process to liquidate its assets and pay off creditors.

Attorney Matthew Williams informed Judge Michael B. Kaplan that the league intends to file a Chapter 11 bankruptcy plan on Monday. Williams stated that the debtors could not reach a fully consensual arrangement with key parties to support a financially viable LIV 2.0. He described the current path as a value-maximizing wind-down of the business.

The decision followed a withdrawal of capital by BC Partners. The London-based investment firm had agreed to invest $300 million in the relaunched league. It was set to replace Saudi Arabia's Public Investment Fund as the primary financier. BC Partners pulled out on Wednesday after failing to reach terms with other stakeholders. A spokesperson for the firm said it was disappointed that mutually acceptable terms could not be reached.

Player commitment played a central role in the collapse. A source indicated that LIV had reached a critical mass of roughly 30 players who pledged to compete in the next season. Another 10 golfers were still considering joining. BC Partners withdrew its funding as negotiations with those players dragged on. The league said it had too few top golfers committed to return in 2027 to proceed.

Scott O'Neil, the league's CEO, issued a statement acknowledging the end of the venture. He said that building a global platform to attract new and diverse fans had been a rewarding experience. O'Neil cited team and individual competitions across five continents and pathways to major championships as key achievements. He noted that the league successfully attracted elite and rising talent during its five-year run.

The dispute involved multiple rounds of negotiations. Williams said that the debtors, BC Partners, the Public Investment Fund, players, and the creditors committee negotiated intensely over several weeks. He stated that every constituency made meaningful efforts to find common ground. However, the group could not secure the combined financial and player support necessary for a viable league within the required timeline.

LIV Golf voluntarily filed for Chapter 11 bankruptcy protection on Sept. 8. At that time, the league reported between $100 million and $500 million in assets. It also reported liabilities ranging from $500 million to $1 billion. Williams added that the strategic initiative committee could revisit the wind-down decision if circumstances change. The league remains open to value-maximizing alternatives with third parties during the process.

High-profile players have already moved on. Jon Rahm, Sergio Garcia, and Tyrrell Hatton did not commit to LIV 2.0. They plan to play on the DP World Tour next season. The Public Investment Fund announced in April that it would stop financing the circuit beyond this season. It had poured more than $5 billion into the league. That money funded guaranteed contracts topping $100 million and event purses of $30 million starting in 2022.