LIV Golf Shutting Down After Last-Ditch Financing Plan Fails

Five years after it began its quest to upend a genteel sport with billions in Saudi Arabian money and brash style, LIV Golf is liquidating its operations.

The would-be rival to the PGA Tour, which was championed by major winner Phil Mickelson and run by another former player of note, Greg Norman, had financing in place to attempt a reboot after Saudi Arabia pulled its investment. But BC Partners Credit, which had promised $300 million for what was dubbed “LIV 2.0,” reversed course after seeing the difficulty the golf league was having recruiting players.

Executives who were leading the effort to shepherd LIV through Chapter 11 bankruptcy told a U.S. Bankruptcy Court judge in New Jersey on Thursday that they would pivot toward a full liquidation of the league.

Fox Sports struck a multi-year rights deal with LIV in 2025, but ratings for its tournaments have been low. The CW aired the circuit’s first two seasons.

The Saudi Public Investment Fund‘s decision to back away from LIV, which had been a major component in the Mideast nation’s effort to promote itself on the global stage, proved to be an insurmountable hurdle. The league regularly drew controversy due to its Saudi backing, drawing protesters to a Donald Trump-owned tournament site in New Jersey from families of 9/11 victims outraged by what they saw as the legitimizing of a state sponsor of the terrorist attacks.

Jon Rahm, one of the PGA veterans who accepted large paydays in order to go exclusive with LIV, has recently expressed a willingness to face penalties in order to return. Bryson DeChambeau, perhaps the most ardent promoter of LIV among current major championship contenders, faces an uncertain future after the dissolution of the league. The reluctance of Rahm, DeChambeau and others to sign onto LIV 2.0 sealed its fate.

LIV got its name from the Roman numerals for 54, which is the number of holes its three-day tournaments encompassed. Traditional PGA and USGA events span four days and 72 holes. Along with those differences, LIV allowed players to wear shorts and organized them into Formula 1-style teams. On the courses, loud music from DJ tents blared as players teed off, part of an intentional bid to disrupt the country-club feel and hushed tones of the PGA.

While the effort didn’t ultimately succeed, it did force the PGA to update its strategy and philosophy with regard to prize money and other aspects of its relationship with players.