LIV Golf is winding down after its $300 million rescue deal collapses

LIV Golf is shutting down the league it launched in 2022. In a Thursday hearing in U.S. Bankruptcy Court in New Jersey, the company's lawyers said it is no longer pursuing a LIV 2.0 restart and is moving to an orderly wind-down of operations, Front Office Sports and Golf Channel reported.

LIV's own release said a proposed recapitalization with BC Partners Credit fell apart after the parties could not agree on remaining terms, so the Restructuring Support Agreement was terminated. Board special committee members Gene Davis and Jon Zinman called the wind-down "the most responsible path forward for the League at this time." The company said it will still consider other offers during the process.

How the deal failed

Front Office Sports reported that BC Partners had been lined up for about $300 million in post-bankruptcy financing, then withdrew. Saudi Arabia's Public Investment Fund, which Front Office Sports says spent more than $5 billion on LIV before cutting funding after the 2026 season, remains the largest creditor in the Chapter 11 case. LIV said it intends to file a wind-down plan by Monday, Nov. 9, with further hearings later in November.

Golf Channel posted statements from LIV and CEO Scott O'Neil on the wind-down. The Associated Press quoted LIV attorney Matthew Williams telling the court the debtors are "toggling to a value-maximizing wind-down."

What it means for golf

LIV spent four seasons paying players large guaranteed contracts and staging team events opposite the PGA Tour. Those players now face a market without the league that signed them. The PGA Tour and DP World Tour have already been absorbing some returnees, and the bankruptcy process will decide what happens to LIV's remaining contracts, trademarks and other assets.