Saudi funding cut off, new investment bid fails

Plans for 'LIV 2.0' in 2027 abandoned, wind-down begins

Two months after bankruptcy filing, players' futures uncertain

A banner reading "LONG LIV GOLF" hangs at the JCB Golf and Country Club in Uttoxeter, England, ahead of LIV Golf's UK event on July 23 (local time). The slogan stands in bitter irony against the league's decision to shut down just four years after its launch. [Getty Images]
A banner reading "LONG LIV GOLF" hangs at the JCB Golf and Country Club in Uttoxeter, England, ahead of LIV Golf's UK event on July 23 (local time). The slogan stands in bitter irony against the league's decision to shut down just four years after its launch. [Getty Images]

LIV Golf, the Saudi Arabia-backed league that upended men's professional golf with its vast financial firepower, has decided to dissolve just four years after its founding. Despite pouring in more than $5 billion, the league failed to build a sustainable revenue model and will now fade into history.

AP and AFP reported Friday (Korean Standard Time) that LIV Golf told a federal bankruptcy court in New Jersey it would cease league operations and begin winding down its assets.

Matthew Williams, the attorney representing LIV Golf, told the court Thursday that "the debtors are no longer pursuing the LIV 2.0 plan" and are "transitioning to an orderly wind-down process to maximize the value of the estate."

LIV Golf had filed for Chapter 11 bankruptcy protection in September, hoping to secure new investment and relaunch in 2027 under the name "LIV 2.0."

Those plans collapsed after the league failed to reach a final agreement with BC Partners Credit, which had been in talks to invest up to $300 million. Negotiations broke down over disagreements on player participation and contract terms. LIV Golf confirmed in an official statement that the investment talks had ended and that it was moving to an orderly wind-down.

A LIV Golf signpost on the course at Trump National Golf Club in Bedminster, New Jersey, during the third round of the LIV Golf New York event on Aug. 8 (local time). The league, which launched with strong Saudi financial backing, has decided to dissolve after roughly four years. [Getty Images]
A LIV Golf signpost on the course at Trump National Golf Club in Bedminster, New Jersey, during the third round of the LIV Golf New York event on Aug. 8 (local time). The league, which launched with strong Saudi financial backing, has decided to dissolve after roughly four years. [Getty Images]

Founded in 2022 with the full backing of Saudi Arabia's Public Investment Fund, LIV Golf signed global stars including Phil Mickelson, Dustin Johnson and Brooks Koepka with massive signing bonuses. It introduced a shotgun-start format and team competition that set it apart from the PGA Tour and sent shockwaves through the golf world.

Yet for all the investment, financial independence remained out of reach. The PIF poured in more than $5 billion over roughly four years before announcing in April that it would cut off funding. LIV Golf is closing its doors after staging 62 tournaments worldwide.

With the league's dissolution confirmed, attention turns to where its players will go. Koepka has already returned to the PGA Tour, while Jon Rahm, Tyrrell Hatton and Sergio Garcia are among those who have left LIV Golf and are seeking paths back to established tours. Individual eligibility requirements and sanctions rules remain variables that could complicate PGA Tour returns for some players.

Jon Rahm of Spain acknowledges the gallery after claiming the individual season championship on the final day of the LIV Golf Indianapolis event at Chatham Hills Golf Club in Westfield, Indiana, on Aug. 23 (local time). Rahm, who had already left LIV Golf before the dissolution announcement, is expected to continue his career on the DP World Tour. [Getty Images]
Jon Rahm of Spain acknowledges the gallery after claiming the individual season championship on the final day of the LIV Golf Indianapolis event at Chatham Hills Golf Club in Westfield, Indiana, on Aug. 23 (local time). Rahm, who had already left LIV Golf before the dissolution announcement, is expected to continue his career on the DP World Tour. [Getty Images]

Rory McIlroy of Northern Ireland, a consistent critic of LIV Golf, said at a press conference for the Abu Dhabi Championship on Wednesday — the day before the dissolution announcement — that the league had destabilized the established order of professional golf.

"They took players, they took sponsors. They turned professional golf into an arms race," McIlroy said.

McIlroy acknowledged that LIV Golf's arrival had driven up player earnings significantly, but said a structure that burned through enormous sums without generating returns was never going to last. "If you're not getting a return on your investment or you decide to invest your money elsewhere, this is ultimately what's going to happen," he said, adding that men's professional golf needed to move toward a sustainable long-term model.

With LIV Golf's shutdown now confirmed, men's professional golf enters a new phase of realignment.


yjc@heraldcorp.com