Saudi-Backed LIV Golf, After Five Years Trying to Challenge PGA Tour, Is Shutting Down
LIV Golf, the pro-golfing startup venture whose biggest investor was the sovereign wealth fund of Saudi Arabia, is shutting down after it couldn’t reach an agreement with a new investor on a bankruptcy reorganization. The league was founded in 2021 by a group of pro golfers, led by Phil Mickleson and Greg Norman, who were […]
LIV Golf is shutting down after failing to reach an agreement with creditors regarding a bankruptcy reorganization. The pro-golfing startup, which was founded in 2021 by professional golfers led by Greg Norman and Phil Mickelson, intends to liquidate its assets and wind down its business operations.
According to Yahoo Sports, the league had proposed a recapitalization transaction with BC Partners Advisors through voluntary Chapter 11 bankruptcy proceedings in the U.S. Bankruptcy Court for the District of New Jersey. However, the league stated that the parties were unable to reach a consensual resolution on certain terms of the transaction.
Saudi Arabia’s Public Investment Fund served as the venture's primary backer and biggest investor, having invested more than $5 billion into the league. Yahoo Sports reports that the PIF stated it was ending its funding in April 2026. Variety notes that the shutdown follows the startup's inability to reach an agreement with a new investor.
Brief written by urgent.news from Variety, Yahoo Sports — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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