LIV Golf to shut down after five years as $300 million rescue plan collapses
Trenton: LIV Golf is shuttering after five years that fractured the sport's landscape, announcing Thursday in bankruptcy court it plans to wind down operations instead of launching a new version because it didn't have enough support. "The debtors are not currently proceeding with the LIV 2.0 plan," attorney Matthew Williams of Gibson Dunn said in a hearing in New Jersey. "Instead, the debtors are…
LIV Golf, a breakaway golf league founded in June 2022, is set to close after five years of operation, according to bankruptcy court filings. The league, which offered nine-figure signing bonuses to attract top players from the PGA Tour, lost Saudi funding in April due to a shift in investment strategy. Despite a planned $300 million rescue from BC Partners Credit, high-profile players like Jon Rahm and Sergio Garcia opted not to join the new "LIV 2.0" version.
Players and investors failed to reach a consensus on the future of the league, leading to its liquidation instead of a new iteration set for 2027. PGA Tour star Phil Mickelson reportedly held a stake in LIV Golf as it filed for bankruptcy.
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