LIV Golf to Wind Down Operations After Funding Loss, Lawyer Says
A lawyer for LIV Golf told a New Jersey bankruptcy court that the organization will not pursue its planned LIV 2.0 series and will instead focus on a value-maximizing wind-down.
LIV Golf announced that it will abandon plans for a new LIV 2.0 series and begin a wind-down of its business, citing insufficient financial support. The statement was made by Matthew Williams of Gibson Dunn during a bankruptcy hearing in New Jersey.
Williams said, "The debtors are not currently proceeding with the LIV 2.0 plan. Instead, the debtors are toggling to a value-maximizing wind-down in their business."
The league lost funding from Saudi Arabia’s Public Investment Fund in April after spending more than $5 billion since 2022, and it filed for bankruptcy in September. Since the announcement of the new version, several top players, including Jon Rahm and Tyrrell Hatton, have left the organization.
The European Tour warned that players who join LIV 2.0 would be ineligible for membership on the DP World Tour, a stance that could affect Ryder Cup eligibility. European Tour CEO Guy Kinnings said the tour must protect itself from an entity that had spent, according to reports, over $7 billion with the aim of undermining the DP World Tour.
Other departures this year include Brooks Koepka, who exited his LIV contract early, and Patrick Reed, who chose not to extend his deal and may return to the PGA Tour. The league’s final event was held in August in Indianapolis, where Michael La Sasso claimed victory.
LIV Golf’s original model offered player equity and prize purses exceeding $20 million per event when it launched in 2022.