LIV Golf to wind down after $5 billion spend

LIV Golf is closing its doors after five years of operation. The league announced Thursday in bankruptcy court that it will wind down its business instead of launching a new version. Attorneys said the organization no longer had enough support to move forward with a restructured plan.

The decision marks the end of a venture that disrupted professional golf. The league launched in June 2022. It offered nine-figure signing bonuses to attract top players away from the PGA Tour. The organization spent more than $5 billion during its existence.

LIV filed for Chapter 11 bankruptcy on September 8. At that time, the league believed it had found a path forward. BC Partners Credit pledged a $300 million investment. That deal was designed to pivot the league toward a more financially sustainable model called LIV 2.0.

However, key players were not interested in the new structure. Jon Rahm and Sergio Garcia declined the terms. Tyrrell Hatton and Louis Oosthuizen also stepped away. BC Partners stated that while support existed, mutually acceptable terms could not be reached among stakeholders.

The league faced two major setbacks before and after the bankruptcy filing. In July, the Asian Tour renewed its alliance with the PGA Tour and the DP World Tour. This move reduced the financial support LIV had previously provided for an International Series.

European tour CEO Guy Kinnings added pressure last month. He stated that anyone signing up for LIV 2.0 did not need to apply for membership on the European tour. This put European players at risk of losing their eligibility for the Ryder Cup. Kinnings noted that the tour must protect itself from an entity that spent over $7 billion.

The largest setback occurred in April. Two weeks after the Masters, the Public Investment Fund of Saudi Arabia changed its strategy. The fund said it would no longer pay for LIV Golf after the 2026 season. This withdrawal of funding removed the primary financial backer of the league.

LIV Golf originally promised $25 million in prize funds per event. It featured 54-hole shotgun starts and loud music. The league secured a broadcast deal with the CW Network in 2023 and Fox Sports in 2025. Its final event was held in Indianapolis in August. Michael La Sasso won that tournament.

Attorney Matthew Williams of Gibson Dunn told the court the debtors are toggling to a value-maximizing wind-down. The league paid $15.6 million to retain seven executives during the bankruptcy period. That includes $6.375 million to CEO Scott O’Neil. The court will now determine if those payments can be voided.

Jon Rahm forfeited claims worth approximately $100 million to exit his contract. He has returned to the European tour. The PGA Tour currently imposes a one-year ban on players returning from LIV, dating from their last appearance. Patrick Reed also chose not to extend his deal and is poised to return to the PGA Tour next year.