Saudi-Backed LIV Golf, After Five Years of Trying to Challenge PGA Tour, Is Shutting Down

LIV Golf, the pro-golfing startup venture whose biggest investor had been the sovereign wealth fund of Saudi Arabia, is shutting down after it couldn’t reach an agreement with a new investor on a bankruptcy reorganization.

The league was founded in 2021 by a group of pro golfers, led by Phil Mickleson and Greg Norman, who were dissatisfied with the sport’s biggest player, the PGA Tour. Saudi Arabia’s Public Investment Fund, which was LIV Golf’s primary backer, invested more than $5 billion into the venture — before the PIF in April 2026 said it was ending its funding.

After the Saudis exited, LIV Golf had proposed a recapitalization transaction with BC Partners Advisors through its voluntary Chapter 11 bankruptcy proceedings in the U.S. Bankruptcy Court for the District of New Jersey. However, according to a statement from the league, “the relevant parties were ultimately unable to reach a consensual resolution of certain outstanding terms of the transaction.”

As such, LIV Golf announced that it intends to liquidate its assets and wind down the business, but added that “the company will remain open to, and continue to consider, any value-maximizing alternatives with third parties that may arise.”

BC Partners Credit had pledged to invest $300 million into LIV Golf. In a statement, the financial firm said, “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. While there was great support for the league, we are disappointed that mutually acceptable terms could not be reached among the various stakeholders.”

In January 2025, Fox Sports and LIV Golf announced a multiyear media rights agreement that will deliver live coverage of the league’s competition in the U.S. Under the pact, Fox carried live coverage LIV Golf League’s 14-tournament global schedule with events in the U.S., Asia, Australia, Europe and Latin America. A rep for Fox Sports did not immediately respond to a request for comment.

LIV Golf CEO Scott O’Neil said in a statement Thursday, “Building a global platform designed to bring new, younger, and more diverse fans to the sport of golf has been the round of a lifetime for all of us. LIV Golf was fun, demanding, inspiring, at times challenging — but always rewarding. … We created memories that I hope will inspire a new generation of fans to follow, play, and fall in love with this great game.”

In LIV Golf’s liquidation, Gibson, Dunn & Crutcher is serving as lead legal counsel, Cole Schotz is serving as co-legal counsel, David Orlofsky of AlixPartners is serving as chief restructuring officer, Ducera Partners is serving as investment banker, and C Street Advisory Group is serving as strategic communications adviser.