LIV Golf Orders Liquidation After Failed Rescue Deal
The Saudi-backed league will wind down operations in bankruptcy court after failing to secure player support for a new business model.
By Julia Novak ·
LIV Golf will dissolve its current operations.
The league announced Thursday in a New Jersey bankruptcy hearing that it is ceasing its plan for a relaunched "LIV 2.0" version. Attorney Matthew Williams of Gibson Dunn stated the debtors are shifting to a value-maximizing wind-down of the business.
The organization launched in June 2022 with nine-figure signing bonuses to lure top players from the PGA Tour. It filed for Chapter 11 bankruptcy on September 8 after losing funding from Saudi Arabia's Public Investment Fund in April. The league spent more than $5 billion before that cutoff. BC Partners Credit had pledged a $300 million investment to support a pivot to a sustainable model, but the deal fell through.
BC Partners said in a statement that it was disappointed mutually acceptable terms could not be reached among stakeholders. The group noted the transaction aligned the interests of players and investors. Players including Jon Rahm, Sergio Garcia, Tyrrell Hatton, and Louis Oosthuizen did not agree to the terms. Williams said the league could not secure the necessary combined financial and player support for a viable new version within the required timeline.
CEO Scott O'Neil, who took over from Greg Norman in early 2025, called the experience the round of a lifetime. He described the league as fun, demanding, and rewarding. In the months before the bankruptcy filing, LIV paid $15.6 million to retain seven executives, including $6.375 million to O'Neil. Legal questions now exist over whether those payments can be voided during liquidation.
The league faced setbacks this year, including the loss of its primary funder and a decision by the Asian Tour to renew its alliance with the PGA Tour and DP World Tour. European Tour CEO Guy Kinnings said last month that anyone signing with LIV need not apply for European tour membership. This move put European players at risk regarding Ryder Cup eligibility. Kinnings told The Scotsman newspaper this week that the tour must protect itself against an entity that spent over $7 billion.
LIV held 62 tournaments on every continent except South America. Notable results included Anthony Kim winning after a 12-year hiatus and Bryson DeChambeau shooting a 58. Joaquin Niemann won seven times during the league's run.
Former LIV players are seeking returns to the PGA Tour. Brooks Koepka, the first to return, exited his deal with one year remaining. The PGA Tour created a path for his return with financial penalties. Patrick Reed chose not to extend his contract in January and is poised to return next year. Rahm said Tuesday he is willing to pay the same price as Koepka to leave.
