LIV Golf will cease at the end of the year after last-ditch hopes to resurrect the breakaway tour failed.
In September, LIV Golf began proceedings to file for bankruptcy protection with at least £33million owed to players.
The result of that meant the likes of key players such as Jon Rahm, Tyrrell Hatton and Louis Oosthuizen departing.
LIV Golf, which had been backed by Saudi Arabia’s Public Investment Fund, was hopeful of continuing in a new guise as LIV 2.0 under new investors.
However, investment firm BC Partners pulled out on Wednesday – primarily unsatisfied by the players who had been signed up.
LIV Golf statement
A statement from LIV, which launched in 2021, on Thursday read: ‘LIV Golf Incorporated and its affiliates today announced that it intends to transition to an orderly wind-down of its operations.
‘Since April 2026, the League’s leadership team, with the support of its independent directors and advisors, has run a disciplined and thorough process to identify the best, value-maximising path forward for the company and its stakeholders.
‘That process produced a proposed recapitalisation transaction contemplated by the company’s Restructuring Support Agreement with BC Partners Advisors, the credit business of BC Partners, which the company sought to implement through its voluntary chapter 11 proceedings in the United States Bankruptcy Court for the District of New Jersey.
‘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.’
LIV said that throughout the wind-down process the company ‘will remain open to, and continue to consider, any value-maximising alternatives with third parties that may arise’.
‘In light of the current circumstances, we believe shifting toward an orderly wind-down is the most responsible path forward for the League at this time,’ LIV Golf board’s special committee members Gene Davis and Jon Zinman said in a joint statement.
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