LIV Golf to Wind Down and Liquidate After $300 Million Rescue Deal Collapses
LIV Golf's attorneys told a U.S. bankruptcy court hearing in New Jersey on Thursday that the league is no longer pursuing its restructured "LIV 2.0" plan and will instead wind down operations, Reuters reported. "The debtors are not currently proceeding with the LIV 2.0 plan," attorney Matthew Williams said in court. "Instead, the debtors are toggling to a value-maximizing wind-down in their business." The league said it intends to file its wind-down plan by November 9.
The collapse followed the loss of its rescue financing. BC Partners Credit had agreed to provide up to $300 million to relaunch the league on a more sustainable footing in 2027, but pulled out on Wednesday after the league failed to secure enough player commitments for the new season. Several big names, including former world number one Jon Rahm, had already announced their departures after the league filed for bankruptcy protection.
LIV Golf launched in June 2022, luring top players away from the PGA Tour with nine-figure signing bonuses and fracturing the sport. Saudi Arabia's Public Investment Fund poured more than $5 billion into the venture before announcing in April that it would end funding after the 2026 season. The league filed for Chapter 11 bankruptcy protection in New Jersey on September 8, hoping a restructuring would save it.
"In light of the current circumstances, we believe shifting toward an orderly wind-down is the most responsible path forward for the League at this time," Gene Davis and Jon Zinman of the LIV Golf board's special committee said in a statement. The league said it would remain open to third-party offers that could get more value from its assets during the wind-down. The case's creditors committee will meet on November 20, with another court hearing set for November 24.
With LIV Golf folding, attention now turns to where its remaining players will land. Under current PGA Tour rules, LIV players are banned for one year from their last appearance on the breakaway circuit.
Source: Reuters
Published by GSM · USA (original Chinese edition)
Photo: 图：高尔夫球场果岭资料图（圆石滩高尔夫林克斯第18洞果岭，与本案场馆无关）。WilliamFMeyer 摄，CC BY-SA 4.0，经 Wikimedia Commons。 / Photo: File photo of a golf course green (the 18th green at Pebble Beach Golf Links; not a LIV venue). By WilliamFMeyer, CC BY-SA 4.0, via Wikimedia Commons.
