LIV Golf is officially shutting down after five seasons.

LIV Golf is shutting down after scrapping plans for LIV 2.0.

Attorneys for LIV Golf told a U.S. bankruptcy court in New Jersey on Thursday, November 5, that the league is no longer pursuing its planned restructuring.

Instead, LIV Golf will move forward with liquidation under Chapter 11 proceedings.

The goal is to maximize value for creditors while winding down operations.

“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 of Gibson Dunn said in court.

“This was not an easy conclusion for anyone who believed what LIV Golf built, but it is right for these estates and these circumstances,” Williams added.

The announcement came one day after reports emerged that BC Partners Credit had pulled out of a deal to provide up to $300 million in funding.

BC Partners Credit, a private equity firm, had agreed in October to become LIV Golf’s new lead investor.

On October 5, LIV Golf announced a deal worth up to $300 million with BC Partners.

That deal included an initial investment of $4 million as part of a restructuring support agreement filed in court documents.

But the formal agreement depended on a group of “requisite players” committing to stay with the league.

BC Partners determined that those players were necessary for LIV Golf to continue as a “bona fide golf league.”

That condition was never met.

A strategic initiative committee formed during the Chapter 11 proceedings decided that a wind-down was “the best path to maximize value for stakeholders,” Williams said.

He told the court that the decision to end LIV Golf’s business operations was “made last night and into this morning.”

LIV Golf filed for federal bankruptcy protection in New Jersey in September.

That filing came after months of speculation about the league’s future.

At the time, league officials insisted the bankruptcy was meant to facilitate a player-owned version of the tour for the 2027 season.

That version was called LIV 2.0.

It is now dead.

More than a dozen notable LIV golfers had publicly said they would not join LIV 2.0.

Among them were major stars Jon Rahm and Tyrrell Hatton.

Rahm has already agreed to forfeit all claims against LIV — reportedly worth some $100 million — to get out of his contract.

He is now playing on the European tour, with hopes of finding a path back to the PGA Tour.

Bryson DeChambeau’s status remained uncertain in his most recent comments, as he suggested he was still hopeful LIV Golf would continue in some form.

DeChambeau had become the face of the proposed LIV 2.0.

He was among a group that had reportedly secured 30 players for next season.

There were 10 additional players considering joining, but they had not made their decision by an October 25 deadline.

Even after reports emerged Wednesday that LIV was on life support, some players tried to return to the negotiating table with BC Partners.

They were turned down.

BC Partners issued a statement explaining its decision.

“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 firm said.

“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 follows Saudi Arabia’s Public Investment Fund cutting off the cash flow that launched and maintained the league through five turbulent seasons.

That cash flow was estimated at $5 billion.

LIV Golf launched in 2022 with a slate of eight events starting in London.

The prize money for the total series was set at $225 million.

Over five seasons, LIV Golf held 62 tournaments and spent more than $5 billion.

The league attracted top players with massive contracts.

Dustin Johnson signed for a reported $125 million in May 2022.

Phil Mickelson signed a multiyear contract in June 2022.

Brooks Koepka joined later that year.

Cameron Smith, then the No. 2 player in the world, joined in August 2022.

Jon Rahm signed in December 2023.

The league changed professional golf in several ways.

Most notably, LIV’s influence normalized the idea of super-sized purses.

The PGA Tour now regularly offers $20 million in its Signature Events.

Major championships have nearly doubled their purse offerings since 2021 to keep pace.

In June 2023, PGA Tour Commissioner Jay Monahan and PIF governor Yasir Al-Rumayyan signed a five-page “framework agreement.”