LIV Golf Tells Bankruptcy Court It Will Cease Operations

LIV Golf informed a New Jersey bankruptcy court on Thursday that it is closing its doors. An attorney representing the organization told the court that the debtors chose to wind down the business rather than implement a previously proposed reorganization plan.

The league filed for Chapter 11 bankruptcy in early September. At that time, it identified a survival strategy involving a $300 million investment from BC Partners Credit. This capital was meant to support a pivot to a new financial model called LIV 2.0. Stakeholders failed to reach a mutual agreement on the terms, triggering the current shutdown process.

BC Partners Credit said in a statement that the transaction was designed to align the interests of players and investors. The firm described the proposal as a credible route to a sustainable future, though it could not be finalized.

Top players have already departed. Jon Rahm, Sergio Garcia, Tyrrell Hatton, and Louis Oosthuizen declined to join the new structure. Brooks Koepka returned to the PGA Tour. Rahm agreed to forfeit claims against LIV, valued at approximately $100 million, to secure his release. He now plays on the European Tour while seeking a path back to the PGA Tour, which enforces a one-year ban based on a player's last LIV appearance.

Between the bankruptcy filing by the Saudi Public Investment Fund and LIV, the league paid $15.6 million to retain seven key executives. CEO Scott O'Neil received $6.375 million of that sum. Questions persist regarding whether these payments can be voided now that the company is ceasing operations instead of emerging from bankruptcy.

The league faced mounting pressure before and after its filing. In July, the Asian Tour renewed its alliance with the PGA Tour and the DP World Tour, ending its financial partnership with LIV. Guy Kinnings, CEO of the European Tour, stated last month that LIV 2.0 participants would not need to apply for European Tour membership. This rule placed European players at risk regarding their Ryder Cup eligibility.

A major shift occurred in April when the Saudi Public Investment Fund announced it would stop funding the league after the 2026 season. The fund capped its total investment at more than $5 billion since the league's launch. Originally led by Greg Norman, the league featured 54-hole shotgun starts and $25 million prize funds. It secured a broadcast deal with the CW Network in 2023 and later signed with Fox Sports in 2025.