LIV Golf to wind down after five years of rebel league
LIV Golf is closing down after losing the financial support it had hoped to secure from BC Partners to keep the league afloat.
The once-prominent LIV Golf tour, which had shaken up the global golfing scene by luring top stars away from the traditional PGA Tour, has announced its closure after five years. The league, initially backed by the Saudi Public Investment Fund with an estimated $5 billion investment, filed for bankruptcy protection in September.
However, plans to relaunch as "LIV 2.0" with a reduced schedule and lower prize money have been abandoned. BC Partners Credit, the lead investor in the new version of the tour, withdrew from the project following difficulties in convincing players to fully commit. Despite extensive discussions, efforts to implement a Restructuring Support Agreement with BC Partners failed, leading LIV Golf to believe an orderly wind-down is the most responsible course of action. The remaining assets of the league will begin liquidation on Monday.
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