LIV Golf will shut down after its attorney told a U.S. Bankruptcy Court judge on Thursday that the league could not secure the financial backing and player commitments needed for a proposed second iteration, according to ESPN and BBC News.
Matthew Williams, representing the circuit, told Judge Michael B. Kaplan in Trenton, New Jersey, that the debtors would file a new Chapter 11 plan on Monday and begin a "value-maximizing wind-down" of the business. The decision came one day after BC Partners withdrew a $300 million rescue package, citing too few players signed for 2027, CBS Sports reported.
"The debtors were ultimately unable to bring the key parties to a fully consensual arrangement that would have supported a financially viable LIV 2.0 league," Williams said in the 13-minute hearing. "As a result, the debtors are not currently proceeding with the LIV 2.0 plan."
Saudi Arabia's Public Investment Fund had invested more than $5 billion in the league since its 2022 launch but stopped funding after the 2026 season. LIV filed for Chapter 11 protection in September.
Only about 15 to 30 players had committed to the revamped circuit, well short of the number BC Partners required. Jon Rahm and Sergio Garcia had announced moves to the DP World Tour, along with Tyrrell Hatton and Ian Poulter. Bryson DeChambeau, Dustin Johnson, Cameron Smith and Joaquin Niemann had not signed.
PIF lawyer Scott Greissman told the court the fund had learned of the decision hours earlier but would cooperate on an orderly wind-down by year-end. A disclosure statement and wind-down plan are due by November 9.
CEO Scott O'Neil said in a statement that building the league had been "the round of a lifetime" and highlighted world-class competitions across five continents, Official World Ranking points and pathways to major championships.
The closure ends a five-year experiment that reshaped professional golf, triggered player bans and forced the PGA Tour and DP World Tour into a framework agreement with PIF that remains unresolved.
GlobeTV reported Wednesday that BC Partners had abandoned the financing deal as player pledges stalled.