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LIV Golf is shuttering after five years that fractured the sport's landscape with promise of Saudi riches, announcing Thursday in bankruptcy court it plans to wind down operations instead of launching a new version because it didn't have enough support.
LIV Golf, which launched in June 2022 by offering nine-figure signing bonuses to lure top names away from the PGA Tour, lost Saudi Arabia funding in April after spending more than $5 billion.
It filed for Chapter 11 bankruptcy on Sept. 8 and thought it had a lifeline in BC Partners Credit, which pledged a $300 million investment to pivot to a more financially sustainable "LIV 2.0." But players like Jon Rahm and Sergio Garcia, Tyrrell Hatton and Louis Oosthuizen, weren't interested.
Instead of planning for a new version for 2027, LIV enters a liquidation phase.
LIV suffered a number of setbacks this year, none bigger than losing its source of its money when PIF changed its investment strategy and said it would no longer pay for the league.