LIV Golf shutting down after debtors bail and players head for exits
Bankrupt LIV Golf, which sought to disrupt professional golf, will wind down its operations after failing to secure funding.
LIV Golf, the Saudi-backed golf league that disrupted the professional golf scene since its launch in 2022, has announced its closure. An attorney for the league stated in New Jersey bankruptcy court that the debtors have opted to wind down operations instead of pursuing a reorganization. Saudi Arabia's Public Investment Fund, which had invested over $5 billion in LIV since its inception, has decided to withdraw funding after the 2026 season.
This move effectively ends the league's investment after supporting it for nearly four years. Despite a proposed reorganization involving BC Partners Credit, offering a $300 million investment for a more sustainable LIV 2.0, top players such as Jon Rahm, Sergio Garcia, Tyrrell Hatton, and Louis Oosthuizen chose to leave the league.
Brooks Koepka, another high-profile player, returned to the PGA Tour. BC Partners expressed disappointment at the inability to reach an agreement among stakeholders. Notable golfer Jon Rahm, who had agreed to forfeit claims worth $100 million to exit his contract, is now playing on the European tour with aspirations to return to the PGA Tour.
LIV Golf had already paid $15.6 million to retain seven executives, including CEO Scott O Neil, amounting to $6.375 million. The question now arises as to whether these payments can be nullified since the league is ceasing operations. LIV faced significant challenges both before and after filing for bankruptcy, including the Asian Tour's decision to abandon its partnership with LIV for an International Series, European tour CEO Guy Kinnings' announcement that participants in LIV 2.0 would not be considered for the European tour or the Ryder Cup, and PIF's decision in April to halt funding after the 2026 season.
Originally established by Greg Norman, LIV aimed to revolutionize golf with its aggressive approach, but lacked a broadcast deal in its inaugural year, forcing the league to bear production costs. It eventually secured broadcasting rights with CW Network in 2023 and Fox Sports in 2025.
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