LIV Golf to be liquidated after bankruptcy court filing

LIV Golf's legal team told a New Jersey bankruptcy court on Thursday that the organization will pursue a "value-maximizing wind-down" rather than the previously discussed LIV 2.0 restructuring plan. Attorney Matthew Williams of Gibson Dunn said the debtors are no longer proceeding with the new league concept.

The shift follows reports that private-equity firm BC Partners withdrew a $300 million commitment it had offered to support the league after Saudi Arabia's Public Investment Fund reduced its financial backing. BC Partners issued a statement expressing disappointment that mutually acceptable terms could not be reached among stakeholders.

In the months since the Public Investment Fund curtailed its cash flow, several high-profile players, including Jon Rahm and Sergio Garcia, announced they would leave the league. Bryson DeChambeau had been positioned as a leading figure for the proposed LIV 2.0, which reportedly secured 30 players, but the plan was abandoned.

Rahm has agreed to forfeit claims estimated at $100 million to terminate his contract and has returned to the European Tour, which still imposes a one-year ban on players who participated in LIV events. Other players, such as Brooks Koepka and Patrick Reed, have also exited their LIV agreements.

LIV Golf paid $15.6 million to retain seven executives, including $6.375 million to CEO Scott O’Neil, in the period between the Public Investment Fund's involvement and the bankruptcy filing. Those payments are typical for companies in bankruptcy, though their status may be reviewed in the liquidation process.

The league faced additional setbacks, including the Asian Tour's decision to renew its alliance with the PGA Tour and the European Tour's statement that LIV 2.0 participants would not be eligible for European Tour membership, raising concerns about Ryder Cup eligibility.

Greg Norman, who founded LIV Golf, promoted the league with a distinctive format featuring 54-hole shotgun starts and large prize funds. After initial broadcast challenges, the league secured television deals with the CW Network in 2023 and Fox Sports in 2025.

The final LIV Golf event was held in August in Indianapolis, won by Michael La Sasso, who later failed to advance in European Tour qualifying school.

"BC Partners Credit supported a transaction that aligned the interests of players and investors, offering a credible path toward building a sustainable future for LIV Golf," the firm said in a statement.

"But we also have to protect the tour against an entity who spent, so we are told, over $7 billion, with one of their aims being to 'destroy the DP World Tour'," European Tour CEO Guy Kinnings told The Scotsman.

The liquidation marks the end of LIV Golf's operations, with assets to be sold to satisfy creditors.