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 creditors 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 dissatisfied with …
LIV Golf, a pro-golfing venture backed by Saudi Arabia's sovereign wealth fund, announced it is shutting down after failing to reach an agreement with creditors on a bankruptcy reorganization. The league, founded in 2021 by golfers Phil Mickelson and Greg Norman, aimed to challenge the PGA Tour. Saudi Arabia's PIF invested over $5 billion in LIV Golf before cutting funding in April 2026.
The startup had proposed a recapitalization transaction with BC Partners Advisors in its Chapter 11 bankruptcy proceedings but couldn't agree on the terms. LIV Golf will liquidate its assets and consider other value-maximizing opportunities. Despite the closure, CEO Scott O'Neil expressed satisfaction in creating memorable experiences for fans.
Legal counsel for the liquidation is provided by Gibson, Dunn & Crutcher, Cole Schotz, David Orlofsky, Ducera Partners, and C Street Advisory Group.
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