LIV Golf is officially shutting down and abandoning plans to continue as a professional golf tour.
Attorneys for LIV Golf said during a U.S. bankruptcy court hearing on Thursday, Nov. 5, that the league is no longer pursuing LIV 2.0 after failing to secure sufficient financial backing and player commitments to support its planned restructuring.
LIV Golf officials will instead move forward with the liquidation process as part of its Chapter 11 proceedings, seeking to maximize value for creditors while winding down operations.
"We just couldn't get to the level of combined financial and player support necessary for a viable LIV 2.0 in the required timeline," LIV Golf attorney Matthew Williams said in court.
The comments confirmed multiple reports
on Wednesday that BC Partners Credit, the private equity firm that agreed last month to become the league's new lead investor, had decided to pull out of plans to provide up to $300 million in funding.
The professional golf league filed for federal bankruptcy protection in New Jersey in September after months of speculation about its future, though league officials have insisted the move is intended to facilitate a restructuring and launch a player-owned version of the tour for the 2027 season. It announced a deal with BC Partners on Oct. 5 that included an initial investment of $4 million as part of a restructuring support agreement filed in court documents.
But executing the formal agreement always hinged on the commitment of a group of "requisite players" that BC Partners determined are necessary to ensure LIV Golf can continue as a "bona fide golf league." The latest report stated LIV Golf officials and BC Partners were unable to secure enough support ahead of an Oct. 25 deadline that had already been pushed back.
More than a dozen notable LIV golfers have said publicly that they are not joining LIV 2.0, including major stars like Jon Rahm and Tyrrell Hatton. Bryson DeChambeau's status moving forward remains uncertain as his most recent comments suggested he was still hopeful LIV Golf would live on in some form.
LIV 2.0 struggled to generate momentum with its best golfers from last season once the DP World Tour announced last month that LIV Golf members would not be permitted to play in DP World Tour events in 2027 if they remain with LIV. Top LIV golfers such as Rahm and Hatton previously had been granted conditional releases to participate in DP World Tour events.
LIV Golf launched in 2022 with the financial backing of Saudi Arabia's Public Investment Fund (PIF) and initially lured away several established PGA Tour stars. But the PIF ended its support last April after reportedly spending more than $5 billion on the league.
This article originally appeared on USA TODAY: LIV Golf is shutting down after scrapping plans for LIV 2.0
