LIV Golf shuts down after failing to secure new funding

LIV Golf spent more than $5 billion on signing bonuses and operations over five years before it lost its primary financial backer.

The league announced on Thursday in bankruptcy court in New Jersey that it is ending its business operations. It will not launch a revised version of the tour as previously planned. The decision follows a lack of sufficient support from key stakeholders.

Attorney Matthew Williams of Gibson Dunn told the court that the debtors are moving to a value-maximizing wind-down. He stated that the LIV 2.0 plan is no longer being pursued. This shift ends the attempt to restart the league for the 2027 season.

LIV Golf launched in June 2022 with nine-figure signing bonuses to attract top players from the PGA Tour. It relied on funding from Saudi Arabia’s Public Investment Fund. The league filed for Chapter 11 bankruptcy on Sept. 8. BC Partners Credit had pledged a $300 million investment to help the league pivot to a more sustainable model.

The deal required a critical mass of players to commit to the new structure. Top names including Jon Rahm, Sergio Garcia, Tyrrell Hatton, and Louis Oosthuizen did not agree to the terms. BC Partners said in a statement that it was disappointed mutually acceptable terms could not be reached. The Oct. 25 deadline for player commitments passed without the necessary agreements.

The loss of Saudi funding in April marked a major setback for the organization. The Public Investment Fund decided to stop paying for the league after its fifth season. The Asian Tour also pulled back from a financial alliance with LIV in July. It renewed its partnership with the PGA Tour and the DP World Tour instead.

Guy Kinnings, the CEO of the European Tour, stated last month that players signing with LIV should not apply for membership on the European tour. This move placed European players at risk regarding Ryder Cup eligibility. Kinnings told The Scotsman newspaper earlier this week that the tour must protect itself from an entity that spent over $7 billion. He noted that one of LIV’s aims was to destroy the DP World Tour.

LIV Golf retained seven executives between the filing for bankruptcy and the announcement of its wind-down. The league paid $15.6 million in total for these retention agreements. CEO Scott O’Neil received $6.375 million. O’Neil took over from Greg Norman at the start of 2025. O’Neil described the experience as the round of a lifetime for all involved. He called the league fun, demanding, and always rewarding.

The tour held 62 events on every continent where golf is played except South America. It featured notable performances such as Anthony Kim winning after a 12-year hiatus in Australia. Bryson DeChambeau shot a 58, and Joaquin Niemann won seven times. The league secured broadcast deals with The CW Network in 2023 and Fox Sports in 2025.

Players are already finding paths back to established tours. Brooks Koepka was the first to return to the PGA Tour after leaving his LIV deal with one year remaining. The PGA Tour created a return path with financial penalties. Patrick Reed chose not to extend his deal in January and is poised to return to the PGA Tour next year. Jon Rahm agreed to forfeit claims against LIV, estimated at $100 million, to exit his contract. He is currently playing on the European tour with hopes of returning to the PGA Tour.