PA MediaLIV Golf has announced it intends to “transition to an orderly wind-down of its operations”, bringing an end to the controversial breakaway tour.
The Financial Times reported BC Partners Credit, who had been lined up as potential backers following the withdrawal of Saudi Arabia’s Public Investment Fund, had pulled out of a deal worth more than £200 million due to an exodus of star players.
LIV, which launched in 2022, was forced to apply for chapter 11 bankruptcy, effectively cancelling playing contracts, with the likes of Jon Rahm, Sergio Garcia, Ian Poulter, Tyrrell Hatton, Louis Oosthuizen and Lee Westwood departing.
A statement from LIV on Thursday read: “LIV Golf Incorporated and its affiliates today announced that it intends to transition to an orderly wind-down of its operations.
“Since April 2026, the League’s leadership team, with the support of its independent directors and advisors, has run a disciplined and thorough process to identify the best, value-maximising path forward for the company and its stakeholders.
“That process produced a proposed recapitalisation transaction contemplated by the company’s Restructuring Support Agreement with BC Partners Advisors, the credit business of BC Partners, which the company sought to implement through its voluntary chapter 11 proceedings in the United States Bankruptcy Court for the District of New Jersey.
“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. As a result, the RSA has been terminated, and the transaction is not expected to move forward at this time.”
The hearing at the New Jersey bankruptcy court lasted around 13 minutes, the New York Times and The Athletic reported, with LIV’s remaining assets set to be sold off.
LIV said that throughout the wind-down process the company “will remain open to, and continue to consider, any value-maximising alternatives with third parties that may arise.”
“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,” LIV Golf board’s special committee members Gene Davis and Jon Zinman said in a joint statement.
LIV Golf chief executive Scott O’Neil maintained the tour had delivered on its fundamental goals to build a “global platform designed to bring new, younger, and more diverse fans to the sport”.
He said: “Together, our team delivered world-class individual and team competitions across five continents, built a global business, secured pathways to the Open and US Open, earned Official World Golf Ranking points, engaged with stakeholders focused on the health and future of the game, created value in our teams, attracted premier sponsors, brought investors to the table around a next-generation business plan and built a league capable of attracting both elite and rising talent from around the world.
“We created memories that I hope will inspire a new generation of fans to follow, play, and fall in love with this great game.”
Rory McIlroy was a vocal critic of the project from the start.
Speaking ahead of this week’s Abu Dhabi Aldar Championship, the Masters champion said he hoped men’s golf can now have a reset after LIV Golf’s attempts to ‘destroy’ the DP World Tour.
In closing its statement, LIV Golf defended its commitment to “growing the game and creating new opportunities for players, fans, and partners around the world”.
LIV Golf added: “The League is proud of the role it has played in shaping the broader golf landscape, from introducing team golf at the professional level to bringing world-class events to new markets, and it believes its impact on the sport will be felt for years to come.”
Follow STV News on WhatsApp
Scan the QR code on your mobile device for all the latest news from around the country
