LIV Golf is shutting down after a tumultuous five-year, $5 billion saga that tore golf in two. 

Some of golf’s biggest names, including Bryson DeChambeau, Dustin Johnson, Phil Mickelson and Brooks Koepka, signed mega-money deals to turn their back on the PGA Tour.

But the future of the breakaway tour has been in doubt ever since Saudi Arabia’s Public Investment Fund (PIF) announced earlier this year that it would stop funding LIV Golf beyond the 2026 season.

The PIF ​had spent more than $5 billion since the rebel tour launched in 2022. It was hoped that, with new investment, LIV 2.0 could survive without being bankrolled by the Middle East.

LIV Golf’s lawyers confirmed in a hearing in New Jersey on Thursday, however, that the entity was shifting its plans from restructure to full liquidation. ‘We believe the wind down path is the best path,’ attorney Matthew Williams said, per Golfweek, with the league slated to begin liquidating assets from Monday. 

In a statement, LIV later confirmed it ‘intends to transition to an orderly wind-down of its operations’ claiming it is ‘the most responsible path forward for the League at this time.’ But LIV ‘will remain open to, and continue to consider, any value-maximizing alternatives with third parties that may arise.’

LIV Golf’s lawyers confirmed on Thursday that league was shifting plans to full liquidation

The Saudi Public Investment Fund pulled its massive funding in LIV Golf earlier this year

It comes after BC Partners Credit decided to drop its $300 million backing of a new iteration of the league. 

After the Saudi PIF announced plans to cut funding, the league’s 2026 season ended earlier than expected due to financial difficulties.

In September, the league filed for Chapter 11 bankruptcy protection in September, with BC Partners committing to investing around $300 million as long as certain conditions were met. 

But they had a deadline to show it had enough player support for a 2027 league and reports emerged on Wednesday that BC Partners had shelved its backing due to a lack of player commitments. 

According to Sports Business Journal, none of DeChambeau, Johnson, Joaquin Niemann or Cameron Smith had signed up, while other big names including Jon Rahm and Tyrrell Hatton had declared they would not return.

In fact, only four players had publicly committed – Cameron Tringale, Richard Bland, Brendan Steele and Ben Campbell.

Speaking to Bunkered last month, BC chief, Ted Goldthorpe, said: ‘The players are everything. They’re our partners and they’re very, very important to our future.’

The league, originally run by Greg Norman, spent more than $5 billion. But a few months after the start of the Iran war, PIF changed its investment strategy in April and said it would no longer pay for LIV Golf after the 2026 season.

Some of golf’s biggest names – including Dustin Johnson – signed mega-money deals with LIV

In a statement to The Athletic on Thursday, BC Partners said: ‘[We] supported a transaction that aligned the interests of players and investors, offering a credible path toward building a sustainable future for LIV Golf. 

‘While there was great support for the league, we are disappointed that mutually acceptable terms could not be reached among the various stakeholders. 

‘We commend LIV Golf’s management for their tireless efforts and thank the players who supported the future of LIV and engaged constructively throughout. 

We wish them every success as they continue their careers.’





Source link

Share.
Exit mobile version