LIV Golf officially dead after bankruptcy court reveal

LIV Golf is shutting down after debtors bail and players head for exits.

The bankrupt Saudi Arabia-backed venture, which shook up professional golf after launching in 2022, told a New Jersey bankruptcy court Thursday that it is liquidating instead of restructuring.

Attorney Matthew Williams of Gibson Dunn said in the hearing: “The debtors are not currently proceeding with the LIV 2.0 plan. Instead, the debtors are toggling to a value-maximizing wind-down in their business.”

The league filed for Chapter 11 bankruptcy on September 8, 2026.

Saudi Arabia’s Public Investment Fund (PIF) had bankrolled LIV since its inception.

PIF announced earlier this year that it would cut off funding after the 2026 season.

CBS Sports reported that PIF sank more than $5 billion into LIV over five seasons.

UA.NEWS reported that PIF spent more than $7 billion.

The league thought it had a lifeline in BC Partners Credit.

BC Partners had pledged a $300 million investment to pivot to a financially sustainable "LIV 2.0."

The plan required players to accept new contracts aligned with the restructuring.

Key players were not interested.

Jon Rahm, Sergio Garcia, Tyrrell Hatton and Louis Oosthuizen all signaled they would leave.

Brooks Koepka, another major name who signed with LIV, opted to return to the PGA Tour.

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

He is back playing the European tour, with hopes there will be a path back to the PGA Tour.

The PGA Tour currently has a one-year ban dating to players’ last LIV appearance.

Bryson DeChambeau had become the face of the proposed LIV 2.0.

The Athletic reported that LIV had secured 30 players for the next season under the 2.0 plan.

There were 10 additional players who were considering joining.

Those players had not made their decision by an October 25 deadline.

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

They were turned down.

BC Partners issued a statement explaining its position.

“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,” BC Partners 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 hearing lasted 13 minutes.

During that brief session, LIV’s lawyers confirmed the shift from reorganization to liquidation.

The league said in a statement that parties failed to reach agreement on certain terms of the deal provided for by the restructuring support agreement.

Talks on a merger with the PGA Tour and DP World Tour, in which President Donald Trump took part, ultimately yielded no results.

LIV suffered two big setbacks before and after filing for bankruptcy.

The Asian Tour, which received financial support from LIV for an International Series, decided in July to renew an alliance with the PGA Tour and the DP World Tour.

European tour CEO Guy Kinnings last month said anyone signing up for LIV 2.0 would face consequences.

Instead of planning for a new version for 2027, LIV enters a liquidation phase.

LIV Golf paid $15.6 million to retain seven of its executives in the months between PIF’s decision and the bankruptcy filing.

That included $6.375 million to CEO Scott O’Neil.

Those payments are not unusual for a company trying to emerge from bankruptcy.

The question now is whether those payments can be voided since LIV is not going forward.

The DP World Tour expects that a number of golfers who played in LIV may join its tournaments next year.

Two-time US Open winner Bryson DeChambeau is eligible to apply for tour membership as a major winner by November 16.

The 2027 season will be his last opportunity to use this right.

Cameron Smith and Dustin Johnson can no longer claim membership under the rule for major winners.

They may receive invitations to individual DP World Tour tournaments.

Jon Rahm and Tyrrell Hatton retain tour membership and can compete in all its events.

The PGA Tour has not announced plans to lift the 12-month ban on LIV Golf players after their last appearance in the Saudi series.

Therefore, some athletes may choose the DP World Tour as a route back to regular competition.