LIV Golf Moves Toward Liquidation After Investor Withdrawal

LIV Golf told a U.S. bankruptcy court in New Jersey on Thursday that it will enter a liquidation phase, ending plans for a proposed LIV 2.0 league. The decision came shortly after BC Partners withdrew a $300 million investment offer that had been contingent on a critical mass of player commitments.

"We believe the wind-down path is the best path," said LIV attorney Matthew Williams during the brief hearing.

The league’s liquidation plan must still be approved by the creditors committee, which will meet on Friday, Nov. 20, with a further bankruptcy hearing set for Tuesday, Nov. 24. The collapse of the BC Partners deal halted the league’s effort to secure enough player participation; about 30 players had signed on, but negotiations with roughly 10 additional players stalled over financial demands, according to the Financial Times.

Several high-profile players, including Jon Rahm, Tyrrell Hatton and Sergio Garcia, have already announced moves to the DP World Tour, which recently ruled that LIV members are ineligible for its events. Earlier departures included Brooks Koepka and Patrick Reed.

BC Partners issued a statement expressing disappointment that mutually acceptable terms could not be reached among stakeholders.

Legal scholar Jodi Balsam of Brooklyn Law School noted that BC Partners had previously pledged a $4 million loan tied to LIV’s tax-loss assets, but the deal fell through when player support proved insufficient.

Court filings indicate LIV holds assets valued between $100 million and $500 million, including real-estate, contracts, intellectual property and trademarks, while liabilities range from $500 million to $1 billion. Saudi Arabia’s Public Investment Fund, the league’s original backer, is listed as a secured creditor.

The filings also reveal more than $15.5 million in retention payments to executives, including over $6 million to CEO Scott O’Neil. O’Neil released a statement thanking partners, employees and fans, describing the venture as a “round of a lifetime” that aimed to attract younger and more diverse audiences to golf.

Analyst commentary highlighted the league’s initial appeal—large purses and signing bonuses—but noted that the format failed to secure lasting sponsor or fan support, leading to tournament cancellations and cost-cutting measures before the final decision to liquidate.