LIV Golf Announces Permanent Closure After Funding Collapse and Bankruptcy

LIV Golf confirmed it will transition to an orderly wind-down of its operations after the Public Investment Fund of Saudi Arabia ended its financial support earlier this year and a proposed restructuring deal with BC Partners Credit fell through. The league, which filed for Chapter 11 bankruptcy on September 8, had hoped to relaunch as “LIV 2.0” with a $300 million investment, but the parties could not reach an agreement on the transaction terms.

"In light of the current circumstances, we believe shifting toward an orderly wind-down is the most responsible path forward for the league at this time," Gene Davis and Jon Zinman of LIV Golf’s Board Special Committee said.

The league, launched in June 2022 with large signing bonuses to attract players from the PGA Tour, lost Saudi backing in April after spending more than $5 billion. Earlier, 90 percent of staff were notified of layoffs, and the company entered bankruptcy protection.

BC Partners Credit, which had pledged the $300 million investment, issued a statement noting its disappointment that mutually acceptable terms could not be reached among stakeholders. LIV Golf said it will remain open to any value-maximising alternatives that may arise during the wind-down.

Several high-profile players, including Jon Rahm, have already left the league, with Rahm forfeiting claims worth about $100 million to resume play on the European Tour. The league’s final event was held in August in Indianapolis, won by Michael La Sasso.

The closure follows broader setbacks, such as the Asian Tour renewing its alliance with the PGA and DP World Tours and the European Tour’s chief executive warning of risks to the Ryder Cup if players join a revived LIV venture. Human-rights groups have previously criticized the league for alleged sports-washing due to its Saudi backing.