LIV Golf to wind down after Saudi funding withdrawal and failed rescue deal
LIV Golf, the breakaway circuit that shook up the sport with billions of dollars in investment and lucrative contracts for some of its biggest names, is to wind down after losing the financial backing needed to continue. The Saudi-backed league announced on Thursday that it would begin an orderly liquidation process after failing to secure the financing required to stage tournaments beyond the…
LIV Golf, the high-profile breakaway golf circuit backed by Saudi Arabia, is set to wind down its operations after losing the financial support needed to continue. The league, which attracted top players like Bryson DeChambeau, Dustin Johnson, and Phil Mickelson, announced on Thursday that it would begin an orderly liquidation process beyond the 2026 season.
Saudi Arabia's Public Investment Fund had withdrawn its backing in April, having invested over $5 billion in the venture. Despite a potential $300 million rescue package from BC Partners, the league failed to secure the necessary funding from various stakeholders. LIV Golf's board members Gene Davis and Jon Zinman stated that shifting towards an orderly wind-down was the most responsible path forward.
Several high-profile players, including former world No. 1 Jon Rahm, have announced their departure from the league. The PGA Tour has imposed a one-year ban on players who competed in LIV events. The league's financial model, while initially successful, proved unsustainable, according to former PGA Tour policy board player director Peter Malnati.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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