LIV Golf is shutting down after scrapping plans for LIV 2.0

LIV Golf is shutting down after scrapping intends for LIV 2.0.

Key points

• LIV Golf introduced in 2022 with the financial backing of Saudi Arabia's Public Investment Fund (PIF) and initially lured away a number of established PGA Tour stars.
• LIV Golf confirmed a agreement worth up to $300 million with BC Partners on Oct.
• Top LIV golfers such as Rahm and Hatton previously had been granted conditional releases to participate in DP World Tour events.
• Rory McIlroy and Scottie Scheffler offered particularly different answers when asked if returning LIV golfers would add value to the PGA Tour.
• This person remarked Thursday the decision to end LIV Golf business operations was "made last night and into this morning."

LIV Golf is shutting down after scrapping intends for LIV 2.0. Mark Giannotto USA TODAY. Rory McIlroy, Scottie Scheffler differ on LIV returns.

LIV Golf is officially shutting down and abandoning intends to continue as a professional golf tour.

Attorneys for LIV Golf remarked 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 backing its planned restructuring.

LIV Golf authorities 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 within the required timeline, " LIV Golf attorney Matthew Williams remarked in court.

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Meanwhile, 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 intends to provide up to $300 million in funding.

Though league office-holders insisted the move was intended to facilitate the launch of a player-owned version of the tour for the 2027 season, the professional golf league filed for federal bankruptcy protection in New Jersey in September after months of speculation regarding its future. LIV Golf confirmed a agreement worth up to $300 million with BC Partners on Oct. 5 that included an initial investment of $4 million as part of a restructuring backing 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." A strategic initiative committee formed as part of the Chapter 11 proceedings ultimately determined a wind down was "the best path to maximize value for stakeholders, " according to Williams. This person remarked Thursday the decision to end LIV Golf business operations was "made last night and into this morning."

"This was not an easy conclusion for anyone who believed what LIV Golf built, but it is right for these estates and these circumstances, " Williams remarked.

More than a dozen notable LIV golfers have remarked publicly that they would not be joining LIV 2.0, including major stars such as 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 confirmed 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 introduced in 2022 with the financial backing of Saudi Arabia's Public Investment Fund (PIF) and initially lured away a number of established PGA Tour stars. But the PIF concluded its backing last April after reportedly spending more than $5 billion on the league. LIV Golf attorneys informed the court they intend to file a plan for winding down the company's operations by Nov. 9.

"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, " Gene Davis and Jon Zinman of LIV Golf Board's Special Committee remarked in an official note. SMS Facebook Twitter Email. Share your feedback to support improve our site! Share your feedback to support improve our site!

In short, LIV Golf is shutting down after scrapping plans for LIV 2.0 is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.