LIV Golf is officially shutting down, lawyers confirm in bankruptcy hearing - Golfweek

LIV Golf is close to turning the lights off for good.

After five years and more than $5 billion in spendings, the league will begin to wind down starting Monday, LIV attorney Matthew Williams confirmed Thursday in New Jersey Bankruptcy Court.

LIV's representation presented plans Thursday, Nov. 5, for the league to officially begin liquidating its assets. The official process will begin Monday, Nov. 9.

"We believe the wind down path is the best path," Williams said in court.

On Wednesday, reports surfaced that BC Partners withdrew its $300 million offer to support LIV 2.0 because the league could not garner enough player commitments for 2027. Barring another investor comes in late, LIV will not exist beyond this year.

The hearing Thursday lasted 13 minutes. LIV Golf's remaining assets will be sold off. LIV's creditors committee will meet Nov. 20, with another hearing in the bankruptcy case set for Nov. 24.

LIV's first event was at The Centurion Club in June of 2022. The tour offered massive signing bonuses to players, including some of the top players in the world. Some events, like those in Australia and South Africa, were a raving success. But the league struggled to catch on with the United States audience.

The league's best moment came earlier this year, when Anthony Kim fought off Jon Rahm and Bryson DeChambeau down the stretch to win in Adelaide. Kim disappeared from the golfing world for more than a decade, fighting addiction and nearly dying, only to emerge as a wild card player for LIV and have a emotional victory.

In a statement Thursday afternoon, LIV confirmed it was shutting down.

"Building a global platform designed to bring new, younger, and more diverse fans to the sport of golf has been the round of a lifetime for all of us. LIV Golf was fun, demanding, inspiring, at times challenging — but always rewarding,” CEO Scott O'Neil said in a release. “Together, our team delivered world-class individual and team competitions across five continents, built a global business, secured pathways to The Open and U.S. Open, earned Official World Golf Ranking points, engaged with stakeholders focused on the health and future of the game, created value in our teams, attracted premier sponsors, brought investors to the table around a next-generation business plan, and built a league capable of attracting both elite and rising talent from around the world.

“At the heart of these achievements were our players, a global roster representing more than 20 countries, whose passion, commitment, and belief in the vision helped us build something extraordinary. Equally instrumental were our global partners — from governments and host communities to renowned golf courses and leading corporate brands — whose shared ambition helped bring that vision to life. There were dynamic concert experiences, award-winning fan engagement, immersive entertainment for families, locally inspired music, food and beverage experiences celebrating the culture of each host market, innovative technology, cutting-edge broadcasts and, above all, world-class golf. We created memories that I hope will inspire a new generation of fans to follow, play, and fall in love with this great game.

“We thank our partners at the PIF for their collaboration and support, and BC Partners Credit for its engagement throughout this process. We are also deeply grateful to our employees, Board, advisors, and fans around the world, whose dedication, resilience, and belief made this remarkable journey possible. Golf has given so much to so many, and my hope is that those entrusted with its future will lead with the generosity, perspective, and shared purpose this extraordinary game deserves.”

Since the Saudi Arabia Public Investment Fund announced it would no longer finance the league following the 2026 season, LIV Golf tried to find investors for a new iteration of the league, ala LIV 2.0, though it didn't come to fruition. In its announcement Thursday, LIV said its leadership team, with the support of its independent directors and advisors, ran a disciplined and thorough process to identify the best, value-maximizing path forward for the company and its stakeholders.

"That process produced a proposed recapitalization transaction (the “Transaction”) contemplated by the Company’s Restructuring Support Agreement (“RSA”) with BC Partners Advisors L.P., the credit business of BC Partners (“BC Partners Credit”), which the Company sought to implement through its voluntary Chapter 11 proceedings in the United States Bankruptcy Court for the District of New Jersey (the “Court”). Despite extensive discussions, the relevant parties were ultimately unable to reach a consensual resolution of certain outstanding terms of the Transaction contemplated by the RSA. As a result, the RSA has been terminated, and the Transaction is not expected to move forward at this time."

The Athletic obtained a statement from BC Partners, which read, "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.

"While there was great support for the league, we are disappointed that mutually acceptable terms could not be reached among the various stakeholders. We commend LIV Golf’s management for their tireless efforts and thank the players who supported the future of LIV and engaged constructively throughout.

"We wish them every success as they continue their careers."

Reports surfaced Wednesday afternoon that there was a group of roughly 10 players who were interested in LIV 2.0, but those golfers' requirements could not be met to officially sign on for another iteration of the league.

Only four players had publicly committed to LIV 2.0, none of them big enough to stir a reaction. Meanwhile, the league's best player, Jon Rahm, left the league in September, and a slew of big names followed.

Others, like Dustin Johnson, Joaquin Niemann and Cameron Smith, have been mum on their futures. Bryson DeChambeau recently came out and expressed interest in LIV 2.0, but that's now off the table.

The league that touted Golf but Louder is soon to be quiet.

Cameron Jourdan is an assistant editor of Golfweek, covering college and amateur golf, the PGA Tour and plenty more. Follow Cameron on X/Twitter (@Cam_Jourdan) or Instagram (@GolfweekJourdan).