LIV Golf CEO finally speaks out as the league shuts down for good.

LIV Golf is liquidating its assets and winding down operations after a planned $300 million rescue deal with BC Partners Credit fell apart.

CEO Scott O'Neil broke his silence Thursday with a shutdown statement calling the league's five-year run a 'remarkable journey.'

'Building a global platform designed to bring new, younger, and more diverse fans to the sport of golf has been the round of a lifetime for all of us,' O'Neil said.

'LIV Golf was fun, demanding, inspiring, at times challenging — but always rewarding.'

The announcement came during a 13-minute hearing in U.S. Bankruptcy Court in New Jersey.

LIV attorney Matthew Williams told the court: 'We believe the wind-down path is the best path.'

The league had filed for Chapter 11 bankruptcy protection earlier this year after its primary backer, Saudi Arabia's Public Investment Fund, ended its funding in April 2026.

The PIF had poured more than $5 billion into the venture since its founding in 2021.

LIV Golf was launched by a group of pro golfers led by Phil Mickelson and Greg Norman, who were dissatisfied with the PGA Tour.

The league instantly caught the golf world's attention by poaching stars like Jon Rahm, Bryson DeChambeau, Brooks Koepka and Mickelson from the PGA Tour with enormous guaranteed contracts.

After the PIF exited, LIV Golf proposed a recapitalization transaction with BC Partners Advisors through its voluntary Chapter 11 proceedings.

BC Partners Credit had pledged to invest $300 million to fund what was being touted as 'LIV 2.0' — a relaunch of the league in 2027.

The two sides had reached a tentative agreement last month.

But the deal required LIV to secure commitments from enough players to satisfy the investment firm.

LIV had secured the signing of more than 30 players for 2027, with 10 more expressing interest, including some marquee names.

However, those players did not offer their commitment by the October 25 deadline.

On Wednesday night, when news broke that BC Partners was pulling out, some players reportedly asked to come back to the negotiating table.

BC Partners decided it was too late.

'BC Partners Credit supported a transaction that aligned the interests of players and investors, offering a credible path toward building a sustainable future for LIV Golf,' the company said in a statement.

'While there was great support for the league, we are disappointed that mutually acceptable terms could not be reached among the various stakeholders.'

The collapse of the deal left only four players — Cameron Tringale, Richard Bland, Ben Campbell and Brendan Steele — who had publicly stated they would be returning in 2027.

The DP World Tour's announcement that it would not allow LIV players to also hold membership on its tour in 2027 made it a tougher sell for players considering continuing with LIV.

LIV Golf's creditors committee will meet on November 20.

A formal liquidation plan will need to be approved by the court, with the priority being paying creditors from the tour's remaining assets.

Lawyers said the official wind-down process will begin by next Monday.

In its announcement, LIV Golf said the company 'will remain open to, and continue to consider, any value-maximizing alternatives with third parties that may arise.'

The league was named after the Roman numerals for 54, a nod to its 54-hole tournaments — three rounds instead of the PGA Tour's traditional four.

In January 2025, Fox Sports and LIV Golf announced a multiyear media rights agreement to deliver live coverage of the league's 14-tournament global schedule in the U.S.

Events were held in the U.S., Asia, Australia, Europe and Latin America.

A representative for Fox Sports did not immediately respond to a request for comment on the shutdown.

Just months before the collapse, O'Neil had assured staff the company was on solid ground.

'I want to be crystal clear: Our season continues exactly as planned, uninterrupted and at full throttle,' O'Neil wrote in an email obtained by multiple outlets in April.

'While the media landscape is often filled with speculation, our reality is defined by the work we do on the grass.'

O'Neil had taken over as CEO in 2025, replacing Greg Norman, the league's original commissioner and face.

Norman, a golf legend known as 'The Great White Shark,' had been the public face of LIV Golf's aggressive challenge to the PGA Tour.

LIV Golf's rise and fall represents one of the most dramatic episodes in professional sports history.

The league spent billions to lure top talent, offering guaranteed contracts that sometimes exceeded $100 million per player.

It also faced relentless criticism over its funding by Saudi Arabia's sovereign wealth fund, with critics accusing the league of 'sportswashing' the kingdom's human rights record.

Players who joined LIV were suspended by the PGA Tour, leading to a bitter legal battle between the two tours.

That legal fight eventually ended in a surprise framework agreement announced in June 2023, under which the PGA Tour, DP World Tour and Saudi Arabia's PIF agreed to merge their commercial operations.