LIV Golf Begins Liquidation After Losing Saudi Funding

LIV Golf is preparing to shut down its operations and sell its remaining assets after failing to secure the investment needed to continue competing with established professional golf tours. The Saudi-backed league announced the decision on November 5, 2026, during a bankruptcy court hearing in New Jersey, ending plans to establish a second version of the competition.

The announcement followed the withdrawal of BC Partners, which had considered a $300 million investment. Without that financial commitment and sufficient player support, LIV Golf abandoned its proposed LIV 2.0 restructuring plan and shifted toward liquidation.

Attorney Matthew Williams told the court that the company had changed its restructuring strategy.

"We believe the wind-down path is the best path," said Matthew Williams, LIV Golf's attorney.

The liquidation proposal still requires court approval. LIV Golf and its creditors committee are scheduled to meet on November 20, with another bankruptcy hearing set for November 24.

According to court documents cited by Golf Channel, LIV Golf has between $100 million and $500 million in assets. These include real estate, outstanding contracts, intellectual property and trademarks. Its liabilities and debts, however, are estimated at between $500 million and $1 billion.

The league must sell its remaining holdings to distribute proceeds among creditors, including players and commercial suppliers. Saudi Arabia's Public Investment Fund (PIF), its original financial backer, is listed as a secured creditor and therefore holds priority in the liquidation process.

However, Brooklyn Law School clinical law professor Jodi Balsam noted that questions could arise over the priority of certain claims and payments made before the bankruptcy filing.

"That calculus failed," said Jodi Balsam, a clinical law professor at Brooklyn Law School, describing BC Partners' decision to withdraw its financial support.

In August, BC Partners had pledged an initial $4 million loan in connection with a potential investment. The arrangement also involved LIV Golf's accumulated tax losses, which could have offset taxable income generated by a restructured league.

BC Partners confirmed its disappointment over the unsuccessful negotiations.

"While there was great support for the league, we are disappointed that mutually acceptable terms could not be reached among the various stakeholders," BC Partners said in a statement.

Financial difficulties intensified after the PIF stopped financing LIV Golf in April 2026. The fund had invested more than $5 billion in the venture since its launch in 2022, according to USA Today.

Although LIV Golf explored alternative financing, its proposed revival depended on attracting enough established players. Approximately 30 players had reportedly agreed to continue, but negotiations with around 10 others became difficult because of financial demands that could not immediately be satisfied, according to the Financial Times as cited by Golf Channel.

Several prominent golfers subsequently moved away from the league. Jon Rahm, Tyrrell Hatton and Sergio Garcia announced plans to return to the DP World Tour, while Brooks Koepka and Patrick Reed had also departed. The DP World Tour had ruled that LIV Golf members would no longer be eligible to compete in its tournaments.

BC Partners' withdrawal came despite LIV Golf's announcement in August 2026 that it had secured funding to continue operating. The league had already entered Chapter 11 bankruptcy protection in New Jersey on September 8.

Recent court documents also disclosed more than $15.5 million in executive retention payments. CEO Scott O'Neil received more than $6 million, with the payments potentially subject to scrutiny during the bankruptcy proceedings.

O'Neil addressed the league's legacy in a statement following the liquidation announcement.

"Building a global platform designed to bring new, younger, and more diverse fans to the sport of golf has been the round of a lifetime for all of us," said Scott O'Neil, LIV Golf CEO.

He also described the experience of developing the competition and its international audience.

"LIV Golf was fun, demanding, inspiring, at times challenging — but always rewarding. … We created memories that I hope will inspire a new generation of fans to follow, play, and fall in love with this great game," O'Neil said.

The CEO also acknowledged the organizations and individuals involved in the league's development.

"We thank our partners at the PIF for their collaboration and support, and BC Partners Credit for its engagement throughout this process. We are also deeply grateful to our employees, Board, advisors, and fans around the world, whose dedication, resilience, and belief made this remarkable journey possible," O'Neil said.

LIV Golf began its first tournament in June 2022 near London, attracting established players with substantial prize money and signing bonuses. Its original format featured 54 holes, shotgun starts and team-based competition, with individual tournament purses reaching $30 million.

The league subsequently recruited major champions including Phil Mickelson, Dustin Johnson, Bryson DeChambeau, Brooks Koepka and Jon Rahm. Rahm's arrival in December 2023 represented one of its most prominent recruitment successes.

Its expansion also intensified tensions with the PGA Tour. In June 2023, the PGA Tour, DP World Tour and Saudi PIF announced a framework agreement intended to combine their commercial interests, although negotiations over the future structure remained unresolved.

In 2024, LIV Golf expanded to 13 teams and 54 players. It later appointed Scott O'Neil as CEO in January 2025, replacing Greg Norman, and secured a multiyear media rights agreement with FOX Sports the following month.

The league also changed its tournament format from 54 to 72 holes beginning in 2026. Despite those efforts, its financial position deteriorated after Saudi funding ended.

By August 23, 2026, Michael La Sasso had won what became the league's final tournament at The Club at Chatham Hills in Westfield, Indiana. The subsequent bankruptcy filing and November liquidation decision ended the prospect of another competitive season under the LIV Golf name.