LIV Golf to wind down after Saudi funding withdrawal and failed rescue deal

LIV Golf, the financially backed golf league that made waves with big-name players and massive investment, is set to close down after losing crucial funding. The Saudi-backed circuit announced plans to wind down operations after failing to secure the necessary financing to continue beyond the 2026 season. LIV Golf is open to offers from third parties during the liquidation process, aiming to maximize value from its assets.

The league's future had been uncertain since Saudi Arabia's Public Investment Fund withdrew its financial support in April, having invested over $5 billion. A potential rescue deal worth $300 million from BC Partners was also abandoned due to a lack of commitment from prominent players. The announcement follows a challenging period for LIV, with several high-profile players, including former world No 1 Jon Rahm, leaving the league.

The US-based PGA Tour has implemented a one-year ban for players who competed in LIV events. Despite the closure, LIV made a significant impact in golf, attracting major champions and sparking a legal battle over the right of players to compete independently.