LIV Golf officially dead as Rahm rejects new direction.

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 done.

An attorney for LIV said the league's debtors have decided against a proposed reorganization and will instead wind down the business.

“The debtors are not currently proceeding with the LIV 2.0 plan,” attorney Matthew Williams of Gibson Dunn said in a hearing in New Jersey.

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

The hearing lasted just 13 minutes.

LIV Golf filed for Chapter 11 bankruptcy on Sept. 8, 2026.

Saudi Arabia's Public Investment Fund (PIF) had bankrolled the league since its launch in 2022, sinking more than $5 billion into the venture.

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

LIV thought it had a lifeline in BC Partners Credit, which pledged a $300 million investment to pivot to a more financially sustainable "LIV 2.0."

BC Partners delayed a player commitment deadline but never finalized agreements with enough golfers to move forward.

“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.”

Multiple reports say LIV had secured more than 30 players for 2027, with 10 more expressing interest.

But those players did not commit by the Oct. 25 deadline.

Some reportedly tried returning to the negotiating table Wednesday night when news broke that BC Partners was pulling out.

BC Partners turned them down, saying it was too late.

Players like Jon Rahm, Sergio Garcia, Tyrrell Hatton and Louis Oosthuizen were not interested in the new direction.

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

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

He is back to 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.

Only four players — Cameron Tringale, Richard Bland, Ben Campbell and Brendan Steele — had publicly stated they would return in 2027.

LIV Golf paid $15.6 million to retain seven of its executives, including $6.375 million to CEO Scott O'Neil, in the months between PIF's decision and the bankruptcy filing.

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 isn't going forward.

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.