LIV Golf is preparing to shut down its operations after five years and an estimated $5 billion in spending, following a seven-month effort to secure funding without continued backing from Saudi Arabia's Public Investment fund (PIF).
At a New Jersey bankruptcy court hearing on Thursday, November 5, which lasted just 13 minutes, LIV Golf's lawyers outlined plans to move away from restructuring and towards full liquidation.
The development comes after BC Partners withdrew its reported $300 million investment offer. LIV's efforts to establish "LIV 2.0" were further complicated by the DP World Tour's announcement last month that players who remain with LIV Golf would not be permitted to compete in its 2027 events.
"We just couldn't get to the level of combined financial and player support necessary for a viable LIV 2.0 within the required timeline," LIV Golf attorney Matthew Williams said in court.
LIV Golf never officially announced the players who intended on staying with the league in 2027 but several big names including Jon Rahm, Tyrrell Hatton, and more announced they would not be returning.
LIV Golf was created with ambitions of developing a global platform that would grow the game of golf. In a statement reflecting on the league's five-year run, LIV Golf's CEO stated, "building a global platform designed to bring new, younger, and more diverse fans to the sport of golf has been a ride of a lifetime for all of us. LIV Golf was fun, demanding, inspiring and, at times, challenging - but always rewarding."
The future remains unclear for players who planned to continue with LIV Golf, as well as those hoping to return to the PGA Tour.
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