LIV Golf officially dead after bankruptcy court ruling

LIV Golf is officially dead after a bankruptcy court hearing in New Jersey on Thursday.

Lawyers for the rebel golf league told a judge that the company is abandoning its LIV 2.0 reorganization plan.

Instead, LIV will liquidate all assets and wind down operations permanently.

"The debtors are not currently proceeding with the LIV 2.0 plan," attorney Matthew Williams of Gibson Dunn said in the hearing.

"Instead, the debtors are toggling to a value-maximizing wind-down in their business."

The announcement ends a five-year, roughly $5 billion experiment that fractured professional golf.

Saudi Arabia's Public Investment Fund launched LIV Golf in 2022 with an open checkbook.

The league signed top players away from the PGA Tour with guaranteed contracts worth hundreds of millions.

Jon Rahm's deal alone was reportedly in the $300 million range.

But the business model never came close to profitability.

PIF spent more than $5 billion — some estimates say $7 billion — building the league, paying players, and funding events.

Earlier this year, PIF told LIV it would not fund the 2027 season.

That left the league scrambling for a buyer or new investor.

LIV filed for Chapter 11 bankruptcy on September 8, 2026.

For a few months, there was hope.

BC Partners Credit had pledged $300 million to fund a restructured "LIV 2.0" for 2027.

Bryson DeChambeau had become the face of that proposed new league.

Reports said LIV 2.0 had secured 30 players for next season, with 10 more considering joining.

But the deal fell apart.

"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 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."

Players started jumping ship when PIF's withdrawal became public.

Jon Rahm and Sergio Garcia announced plans to leave months ago.

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

He is back playing on the European tour, hoping for a path back to the PGA Tour.

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

Tyrrell Hatton and Louis Oosthuizen also declined to stay with LIV 2.0.

Even after reports emerged Wednesday that LIV was on life support, some players tried returning to the bargaining table.

They were turned down.

A deadline of October 25 had passed without final commitments from the remaining 10 potential players.

The 13-minute bankruptcy hearing on Thursday confirmed the end.

LIV's lawyers said the company is now moving toward liquidation rather than any new season.

The league itself issued a statement saying the parties failed to reach agreement on certain terms of the restructuring support agreement.

The shutdown leaves hundreds of questions unanswered.

What happens to players still under contract?

Bankruptcy liquidation typically means contracts are voided, but players may have claims for unpaid guaranteed money.

Rahm's forfeiture of $100 million suggests the contracts were structured so players had limited leverage once PIF pulled the plug.

What about LIV's executives?

LIV paid $15.6 million to retain seven of its executives between the time PIF stopped funding and the bankruptcy filing.

CEO Scott O'Neil received $6.375 million of that total.

Those retention payments are normal for companies trying to emerge from bankruptcy.

But since LIV is not emerging — it is liquidating — a judge could void those payments.

That question remains open.

What about the players who want to return to the PGA Tour?

The PGA Tour currently has a 12-month ban on players from their last LIV appearance.

That means most LIV players cannot immediately return to PGA events.

Some are looking at the DP World Tour as a bridge back.

Jon Rahm and Tyrrell Hatton retain DP World Tour membership and can play all its events.

Bryson DeChambeau is eligible to apply for DP World Tour membership as a major winner by November 16.