LIV Golf Shuts Down After Five Years and More Than $5 Billion Spent

LIV Golf will shut down and sell off its assets after a planned relaunch for 2027 fell apart, the league's lawyers told a New Jersey bankruptcy court on Thursday, Nov. 5. Golfweek reported that the wind-down begins Monday, Nov. 9, ending a league that spent more than $5 billion over five years.

The decision leaves dozens of players without a tour and sends many of them back toward the PGA Tour and the DP World Tour, each with its own conditions.

How LIV Golf went from launch to liquidation

• June 2022: LIV held its first event at The Centurion Club, according to Golfweek. Sky Sports reported that the league, then run by Greg Norman, launched as an Invitational Series. It offered large signing bonuses to top players.
• April 2026: Saudi Arabia's Public Investment Fund withdrew its backing, Sky Sports reported. Golfweek said the fund would no longer finance the league after the 2026 season. LIV said its leadership began a process that month to find a path forward.
• September 2026: Sky Sports News said the league filed for Chapter 11 bankruptcy this month. Jon Rahm left the league, according to Golfweek, and other big names followed. Sky Sports reported that the DP World Tour said any player who signed with a new LIV 2.0 would be denied membership.
• Wednesday, the day before the hearing: The Financial Times first reported, per Sky Sports, that BC Partners Credit had pulled out of a deal worth more than $300 million. Golfweek said the firm withdrew its offer because the league could not secure enough player commitments for 2027.
• Nov. 5: LIV attorney Matthew Williams told the court the company would move to a wind-down. The hearing lasted 13 minutes, according to Golfweek.
• Nov. 9: The formal liquidation process is set to begin.
• Nov. 20 and Nov. 24: LIV's creditors committee meets Nov. 20, and the bankruptcy court holds another hearing Nov. 24, Golfweek reported.

Why the rescue plan failed

LIV said in a statement that it had run a thorough process to find the best path for the company and its stakeholders. It said the parties could not agree on certain terms of a proposed recapitalization with BC Partners Credit, so the restructuring support agreement was terminated.

Williams, a partner at Gibson Dunn, told the court the debtors could not bring the key parties to an arrangement that would support a financially viable LIV 2.0. Golfweek quoted him saying, "We believe the wind down path is the best path."

Player support was thin. Golfweek reported that only four players had publicly committed to LIV 2.0, and none was a major name. It also reported a group of roughly 10 players had shown interest, but their requirements could not be met. Sky Sports named Brendan Steele and Cameron Tringale among the few who backed the new format.

BC Partners said it supported a deal that aligned players and investors, and that it was disappointed mutually acceptable terms could not be reached, according to a statement obtained by The Athletic.

What this means for players and fans

For fans, the league will not exist beyond this year unless a late investor emerges, Golfweek reported. Its high point came this year, when Anthony Kim held off Jon Rahm and Bryson DeChambeau to win in Adelaide. Golfweek said Australia and South Africa were among the league's strongest markets, while it struggled to catch on with U.S. audiences.

For players, Sky Sports News' Jamie Weir reported that the PGA Tour has consistently said returning players must serve a one-year suspension from the date of their last event, which was in August. That makes the DP World Tour the most attractive route for many, with a mid-November deadline to take up membership for those eligible.

Weir said Rahm, Tyrrell Hatton and Sergio Garcia have already said they will play there. Lee Westwood and Paul Casey could return through career money list exemptions after tournament suspensions. DeChambeau has one year left on his option to take up DP World Tour membership, while that route is not open to past major champions such as Cameron Smith and Dustin Johnson. Tournament invitations are possible for some, Weir said, but are unlikely for the premier events.

Sky Sports also noted that Brooks Koepka left his deal before the 2026 season and the PGA Tour created a path back with financial penalties. Patrick Reed chose not to renew his contract and is set to return to the PGA Tour through his DP World Tour results.

What LIV's leadership said

CEO Scott O'Neil called the venture "the round of a lifetime" in a release. He said the league delivered competitions across five continents, secured pathways to The Open and U.S. Open, earned Official World Golf Ranking points and built a roster from more than 20 countries. He thanked the Public Investment Fund and BC Partners Credit for their support.

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Around Prague, based on reporting by Golfweek, Sky Sports