LIV Golf's $5 Billion Collapse: How Saudi Backing Failed To Save The League

LIV Golf’s costly attempt to challenge the PGA Tour is ending after five years.© Ndtv Gallery

LIV Golf is heading towards closure after five years and around $5 billion in spending failed to build a business that could survive without Saudi money. The breakaway league, launched in 2022 to challenge the PGA Tour, is now winding down after losing its main financial backer and failing to secure a replacement.

The trouble became clear after Saudi Arabia's Public Investment Fund (PIF) decided in April 2026 that it would stop funding LIV after the season. The league tried to find another investor, but a proposed $300 million deal with BC Partners Credit fell apart. LIV's lawyers announced the move towards liquidation in a New Jersey bankruptcy court on November 5.

The money kept LIV Golf running

The Athletic's November 13 report by Brody Miller, Gabby Herzig and Brendan Quinn traced the league's financial problems back to its early years. Under former CEO Greg Norman, LIV spent heavily to sign leading golfers, offer huge prize money and stage events around the world. But the spending did not bring in enough revenue.

When Scott O'Neil took over as CEO, he met PIF governor Yasir Al-Rumayyan in January 2025 to discuss the league's future. O'Neil presented two options: cut costs quickly or follow a longer plan that would gradually reduce spending. He was told there was no need to rush.

That changed in April 2026, when O'Neil was informed that LIV had to shut down. The league still managed to finish its season, but its search for new money became urgent.

LIV approached hundreds of potential investors. According to the report, its team presented an investment proposal to 300 parties, but only two non-binding offers emerged from that process. Sponsorship revenue had grown from about $16 million in 2023 to around $102 million in 2025, but much of it came from Aramco and other companies linked to the PIF.

Why The $300 Million Rescue Deal Failed

BC Partners Credit appeared to offer a way forward. Its proposed $300 million investment would have supported a new version of LIV, known as LIV 2.0. The plan involved cutting costs and giving players an ownership stake instead of relying on the huge guaranteed contracts that had defined the league.

But getting players to commit proved difficult. More than 30 reportedly agreed to the new model, but several prominent names were unwilling to sign. Jon Rahm and Tyrrell Hatton moved on, while Sergio Garcia and Ian Poulter also announced plans to leave. Bryson DeChambeau remained one of the league's strongest supporters, but the number of commitments was not enough to secure the deal.

BC Partners eventually withdrew, leaving LIV with no viable route to continue. The league filed for Chapter 11 bankruptcy in September, hoping to restructure its business. That plan has now given way to liquidation.

The financial collapse leaves players facing uncertainty over where they will compete next. It also brings an end to a league that changed professional golf by attracting major names with enormous contracts, but could not establish a business strong enough to stand on its own.