LIV Golf to liquidate assets
LIV Golf will liquidate its assets and wind down the business after it failed to reach a consensual resolution with BC Partners Advisors regarding a $300 million recapitalization transaction through its Chapter 11 bankruptcy proceedings in the District of New Jersey. The pro-golfing startup, founded in 2021 by Phil Mickelson and Greg Norman, could not reach an agreement with a new investor. The league’s Special Committee, consisting of Gene Davis and Jon Zinman, said in a press release that shifting toward an orderly wind-down is the most responsible path forward for the League. LIV Golf intends to liquidate, though the company says it will continue to consider value-maximizing alternatives with third parties that may arise. This decision follows the April 2026 announcement from Saudi Arabia’s Public Investment Fund that it would end its funding of the venture. Before that exit, the Saudi fund invested more than $5 billion into the venture. BC Partners Credit proposed the $300 million investment to allow for the staging of tournaments in 2027, but the firm said it was disappointed that mutually acceptable terms could not be reached among the various stakeholders.
Financial collapse and player exits
The loss of Saudi financial support and a mass exodus of star players destroyed the viability of the breakaway circuit. After the league filed for bankruptcy protection in September, top-ranked golfers including Jon Rahm announced their departures. The roster this season included names like Bryson DeChambeau and Sergio Garcia. This $300 million financing deal from BC Partners Credit fell through because several notable players opted not to commit to the league. Critics claimed LIV Golf functioned as a way for Saudi Arabia to improve its reputation and deflect criticism of its human rights record. The Saudi government denies accusations of human rights abuses.
| Entity | Role in Liquidation |
|---|---|
| Gibson, Dunn & Crutcher | Lead legal counsel |
| Cole Schotz | Co-legal counsel |
| David Orlofsky (AlixPartners) | Chief restructuring officer |
| Ducera Partners | Investment banker |
| C Street Advisory Group | Strategic communications adviser |
LIV Golf shocked the sport in June 2022 when it launched with a mix of star power and veterans who signed lucrative contracts for guaranteed paydays. The PGA Tour refused to let members compete in LIV events and suspended defecting golfers like Bryson DeChambeau, Dustin Johnson, Brooks Koepka, and Phil Mickelson. These suspensions triggered bitter legal battles, including an antitrust lawsuit where DeChambeau, Mickelson, and others accused the PGA Tour of using monopoly power to penalize independent contractors. The collapse of the merger talks with the PGA Tour left the league without a sustainable path. In June 2023, the PGA Tour and the Saudi fund announced a framework to form a unified commercial entity and end litigation. However, the PGA Tour rejected a $1.5 billion investment offer from the Saudi fund because the offer required LIV Golf to remain intact and required Yasir al-Rumayyan to co-chair the board of PGA Tour Enterprises.
Media rights and final statements
LIV Golf’s media presence in the U.S. expires alongside its operations. In January 2025, Fox Sports and LIV Golf announced a multiyear media rights agreement for live coverage of the 14-tournament global schedule. This agreement included events in the U.S., Asia, Australia, Europe, and Latin America. A representative for Fox Sports did not immediately respond to a request for comment.
CEO Scott O’Neil said Thursday that building a global platform for younger and more diverse fans was rewarding. "LIV Golf was fun, demanding, inspiring, at times challenging – but always rewarding," O’Neil said. He added that the company created memories that he hopes will inspire a new generation of fans to follow, play, and fall in love with this great game. The league’s exit follows a failed attempt to challenge the PGA Tour over five years.
