LIV Golf is winding down operations, lawyer says in bankruptcy hearing
TRENTON, N.J. (AP) - LIV Golf is winding down operations instead of launching a new version since of a lack of financial backing.
TRENTON, N.J. (AP) – LIV Golf is winding down operations instead of launching a new version since of a lack of financial backing.
Article outline
- What happened
- The key numbers
- The bottom line
Key points
- LIV Golf lost Saudi Arabia funding in April after having spent more than $5 billion since 2022.
- "The debtors are not currently proceeding with the LIV 2.0 plan, " Matthew Williams of Gibson Dunn remarked.
- A lawyer representing the organization confirmed the decision in a bankruptcy court hearing Thursday in New Jersey.
- The league was originally run by Greg Norman.
Meanwhile, a lawyer representing the organization confirmed the decision in a bankruptcy court hearing Thursday in New Jersey.
"The debtors are not currently proceeding with the LIV 2.0 plan, " Matthew Williams of Gibson Dunn remarked. "Instead, the debtors are toggling to a value-maximizing wind-down in their business."
LIV Golf lost Saudi Arabia funding in April after having spent more than $5 billion since 2022. LIV filed for bankruptcy in September. Since announcing intends for a new version, top players like Jon Rahm and Tyrrell Hatton have bailed.
In practice, the league was originally run by Greg Norman. A few months after the start of the Iran war, PIF changed its investment strategy in April and remarked it would no longer pay for LIV Golf after the 2026 season.
Taken together, the developments around LIV Golf is winding down operations, lawyer says in bankruptcy hearing point to a situation that is still moving, and the coming days should bring more clarity.
