The rebel LIV Golf tour will shut down after five years that rocked the global game, saying Thursday that an effort to relaunch after losing its original Saudi backers has been scrapped.
The announcement follows reports that BC Partners Credit, the lead investor in "LIV 2.0," had withdrawn from the project after struggling to convince several star players to fully commit to the league going forward.
In a statement, LIV Golf said only that attempts to implement its Restructuring Support Agreement with BC Partners had foundered.
"Despite extensive discussions, the relevant parties were ultimately unable to reach a consensual resolution of certain outstanding terms of the Transaction contemplated by the RSA," LIV Golf said. "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."
The statement confirmed LIV attorney Matthew Williams's statements in a 13-minute hearing in bankruptcy court in New Jersey on Thursday.
The once free-spending Saudi-backed league that had turned the golf world upside-down by luring superstars away from the traditional PGA Tour will begin liquidating its remaining assets on Monday, the court heard.
Saudi Arabia's Public Investment Fund (PIF) had poured an estimated $5 billion into the tour since 2022, before abruptly pulling the plug earlier this year.
LIV formally filed for bankruptcy protection in September, though officials vowed to relaunch as "LIV 2.0" next season with a shorter schedule and reduced prize money, and equity stakes in the league for players.
BC Partners Credit had pledged an initial funding commitment of a potential $300 million.
But several former LIV stars including Jon Rahm publicly announced their decisions to withdraw from the new version of the tour in recent weeks. Several others were believed to be on the fence.
Even Bryson DeChambeau – arguably the breakaway circuit's biggest name, who continued to back the tour – did not publicly commit to returning.