LIV Golf ends operations after failed pivot
The Saudi-backed tour is liquidating assets after failing to secure enough player buy-in for its restructured 2027 season.
By Amelia Gupta ·
LIV Golf is ceasing its current operations and moving into a liquidation phase, ending a five-year experiment that disrupted professional golf with high-stakes financial incentives. The tour announced Thursday in a New Jersey bankruptcy hearing that it is abandoning a planned restructuring known as LIV 2.0. Instead of launching a new version of the league, the organization will wind down its business to maximize value for stakeholders.
Matthew Williams, an attorney for Gibson Dunn, told the court that the debtors are not proceeding with the LIV 2.0 plan. He stated that the organization is shifting to a value-maximizing wind-down. This decision follows a period of intense financial strain and internal conflict that began when the tour lost its primary funding source.
The tour launched in June 2022, using nine-figure signing bonuses to recruit top players away from the PGA Tour. It spent more than $5 billion before losing support from the Public Investment Fund of Saudi Arabia in April. LIV filed for Chapter 11 bankruptcy on September 8, seeking a fresh start with new investors.
BC Partners Credit had pledged a $300 million investment to support a financially sustainable LIV 2.0. However, the deal stalled because key players could not agree on the terms. BC Partners stated in a written release that while there was great support for the league, mutually acceptable terms could not be reached among various stakeholders.
The failure to secure a "critical mass" of players was the primary obstacle. The October 25 deadline for player commitments passed without sufficient agreement. Williams noted that the league could not get to the level of combined financial and player support necessary for a viable new entity within the required timeline.
LIV paid $15.6 million to retain seven executives during the bankruptcy period, including $6.375 million to CEO Scott O'Neil. O'Neil, who took over from Greg Norman at the start of 2025, described the experience as a "round of a lifetime." He said the league was fun, demanding, and inspiring, but always rewarding.
Players are now navigating their return to other tours. Jon Rahm agreed to forfeit claims worth approximately $100 million to exit his contract. He is currently playing the European tour, hoping for a path back to the PGA Tour. The PGA Tour currently imposes a one-year ban based on a player's last LIV appearance.
Brooks Koepka was the first to return, exiting his deal with one year remaining. Patrick Reed opted not to extend his contract in January and is poised to return to the PGA Tour next year. LIV held 62 tournaments on five continents before this wind-down, with Joaquin Niemann recording seven wins and Bryson DeChambeau shooting a 58 during its run.
