LIV Golf Announces Plans to Wind Down Operations
The Saudi-backed LIV Golf tour said it will begin an orderly wind-down after failed negotiations with financial partner BC Partners.
LIV Golf said on Thursday that it will move toward an orderly wind-down after discussions with financial backer BC Partners did not result in an agreement to keep the league operating. > "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," the organization said in a statement.
The tour, launched in 2021 by a group of golfers including Phil Mickelson and Greg Norman, had attracted high-profile players such as Jon Rahm, Bryson DeChambeau and Dustin Johnson with guaranteed payouts. Saudi Arabia’s Public Investment Fund, the primary backer, has invested more than $5 billion since 2022.
LIV Golf’s creation sparked a split in professional golf, with players choosing between the new league and the established PGA Tour. While LIV events drew audiences abroad, the league was unable to secure a long-term U.S. television partner, limiting its visibility and revenue. A prior hearing in New Jersey bankruptcy court indicated the league was seeking creditor relief, though the exact amount owed was not disclosed.