LIV Golf to wind down operations after financing deal falls apart

LIV Golf, a breakaway golf circuit that gained significant attention in 2022, announced on Thursday that it will liquidate its operations due to the loss of big-name players and financing. The league's special committee, comprised of Gene Davis and Jon Zinman, stated that an orderly wind-down is the most responsible course of action at this time.

The future of LIV Golf had become uncertain after the Saudi Public Investment Fund reduced its financial support beyond the 2026 season. The league had secured a US$300 million potential financing deal from BC Partners for the 2027 season, but it was abandoned when several notable players decided not to commit to the circuit. BC Partners expressed disappointment over the inability to reach mutually acceptable terms among stakeholders.

Leading golfers, such as Jon Rahm, departed LIV Golf after the company filed for bankruptcy protection in September. Rahm plans to play on the Europe-based DP World Tour in 2027. The PGA Tour has banned LIV Golf players from participating in their events for one year following the circuit's departure.

LIV Golf made headlines when it entered the scene in June 2022, featuring star power alongside older players who signed lucrative contracts for tournaments without cuts and guaranteed paydays. The PGA Tour banned members from competing in LIV Golf events, and suspended several high-profile golfers, including Bryson DeChambeau, Dustin Johnson, Brooks Koepka, and Phil Mickelson.

This led to legal battles, including an antitrust lawsuit in which DeChambeau, Mickelson, and others accused the PGA Tour of using monopoly power to penalize independent contractors.

Critics argued that LIV Golf was a scheme by Saudi Arabia to enhance its reputation and mask human rights concerns, which the Saudi government denies. Former PGA Tour Policy Board member Peter Malnati stated that LIV Golf's economic model was not viable and that their approach was disruptive rather than additive to the sport. Despite the challenges, LIV Golf CEO Scott O'Neil expressed that the league's endeavor to bring new, younger, and diverse fans to golf has been "a round of a lifetime."