LIV Golf, the breakout league that shook up professional golf, will no longer continue.
Its official end came at a New Jersey bankruptcy hearing on Thursday, when its lawyers said the league would not restructure after the loss of its sole backer, Saudi Arabia’s Public Investment Fund, and would move toward full liquidation.
LIV had been talking to BC Partners about a potential $300 million financing deal for what had been considered “LIV 2.0,” but that offer was dropped, according to reports from the Financial Times and The Athletic. Those reports said LIV had attracted interest from 30 or more players for the 2027 season, but star power was lacking.
In a statement, BC Partners said the following:
“BC Partners Credit supported a transaction that aligned the interests of players and investors, offering a credible path towards 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 between the various stakeholders. We commend the management of LIV Golf for their tireless efforts to LIV Golf and thank them constructively throughout the future. continue their career.”
Moving forward, perhaps the biggest question will be the professional future of those who recently left LIV and those potentially looking to stay, including Bryson DeChambeau. Launched in the summer of 2022, LIV took away dozens of top players and led to changes in pro golf, including on the PGA Tour. In August, however, LIV played its final event.
As part of a statement released by LIV on Thursday, its CEO, Scott O’Neil, had this to say:
“Building a global platform designed to bring new, younger and more diverse fans to the sport of golf has been the turn of a lifetime for all of us. LIV Golf has been fun, demanding, inspiring, sometimes challenging – but always rewarding. Together, our team has delivered top-class individual and team competitions on five continents, built a global business, secured routes for Official Golf, committed to Open and Official Golf points. stakeholders focused on the health and future of the game, create value in our teams, attract top sponsors, bring investors to the table around a next generation business plan, and build a league capable of attracting elite and rising talent from around the world.
“At the heart of these successes were our players, a global list representing more than 20 countries, whose passion, commitment and belief in the vision helped us build something extraordinary. Equally instrumental were our global partners – from governments and host communities to renowned golf courses and leading corporate brands – whose shared ambition helped bring this vision to life, dynamic concert fans. entertainment for and families, locally inspired music, food and beverage experiences that celebrate the culture of each host market, innovative technology, cutting-edge broadcasting and, most of all, world-class golf.