LIV Golf winds down after Saudi backing ends and investors pull support

Summarised from 2 outlets · 4 reports · Updated 5 Nov, 23:21 · Archive

LIV Golf is winding down operations after losing Saudi Arabia funding and failing to secure investment for a new version of the league.

LIV Golf announced Thursday that it is winding down operations instead of proceeding with a planned new version of the league. Matthew Williams, a lawyer representing the organisation, told a bankruptcy court hearing in Trenton, New Jersey that the company would pursue 'a value-maximizing wind-down in their business' rather than proceed with 'LIV 2.0'.

The league lost Saudi Arabia funding in April after spending more than $5 billion since launching in June 2022. It filed for Chapter 11 bankruptcy in September. BC Partners Credit had pledged as much as $300 million to fund a new version featuring at least 10 tournaments and an emphasis on teams, but withdrew the offer after key players declined to commit to the venture. Top players including Jon Rahm and Tyrrell Hatton departed the league, with Rahm agreeing to forfeit all claims against LIV said to be worth around $100 million to exit his contract.

BC Partners said in a statement that whilst there was 'great support for the league', it was 'disappointed that mutually acceptable terms could not be reached among the various stakeholders'. The European tour had also issued an ultimatum stating that anyone signing with LIV 2.0 would be ineligible for membership in the DP World Tour, which would make European players unable to compete in the Ryder Cup.

How it is being reported

• LIV Golf is winding down operations, lawyer says in bankruptcy hearingLIV Golf is winding down its operations instead of launching a new version because of a lack of financial support.News4Jax · 5 Nov, 16:48
• LIV Golf is winding down operations, lawyer says in bankruptcy hearingLIV Golf is winding down its operations instead of launching a new version because of a lack of financial support.Clickorlando · 5 Nov, 16:48
• Report: LIV's financial backer dropping plan for new league in 2027LIV Golf's future is in doubt after a Financial Times report that it's main investor is dropping plans for LIV 2.0.News4Jax · 4 Nov, 22:37
• Report: LIV's financial backer dropping plan for new league in 2027LIV Golf's future is in doubt after a Financial Times report that it's main investor is dropping plans for LIV 2.0.Clickorlando · 4 Nov, 22:37

In this story: LIV Golf · Saudi Arabia · BC Partners Credit · Jon Rahm · Greg Norman · Tyrrell Hatton · Public Investment Fund of Saudi Arabia

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem · Corrections log