LIV Golf is shutting down after scrapping plans for new league
A collapsed rescue deal and lost Saudi funding leave the breakaway golf league unable to continue, with $500 million to $1 billion in liabilities.
- On Thursday, LIV Golf confirmed it will liquidate, abandoning restructuring plans after failing to secure sufficient funding and player commitments during a New Jersey bankruptcy court hearing.
- Partners Credit withdrew from a potential $300 million funding deal, determining the league lacked the "requisite players" and financial support necessary for a viable 'LIV 2.0' restructuring.
- LIV Golf attorney Matthew Williams said in court, "We just couldn't get to the level of combined financial and player support necessary for a viable LIV 2.0 in the required timeline."
- The league will now proceed with Chapter 11 liquidation, prioritizing asset distribution to creditors with the official wind-down process set to begin by Monday.
- This decision concludes a tumultuous five-year, $5 billion saga that began in 2022 with Saudi Public Investment Fund backing, which withdrew support earlier this year.
69 Articles
69 Articles
LIV and let die: Rival league tells bankruptcy court it will wind down operations
LIV Golf is winding down its operations instead of launching a new version because of a lack of financial support. A lawyer representing the organization announced the decision in a bankruptcy court hearing Thursday in New Jersey. LIV Golf lost…
LIV Golf will shut down after a five-year run
<p>TRENTON, N.J. — LIV Golf is shuttering after five years that fractured the sport's landscape, announcing Thursday in bankruptcy court it plans to wind down operations instead of launching a new version because it didn't have enough support.</p><p>"The debtors are not currently proceeding with the LIV 2.0 plan," attorney Matthew Williams of Gibson Dunn said in a hearing in New Jersey. "Instead, the debtors are toggling to a value-maximizing wi…
‘Reputational Damage’: Brandel Chamblee Rips LIV Golfers’ Financial Demands Amid League’s Shutdown
The end of LIV Golf took just 13 minutes in a New Jersey courtroom. After five years and more than $5 billion in Saudi funding, the league’s lawyers told the bankruptcy court on Thursday that there would be no LIV Golf 2.0. The league is moving from restructuring to liquidation, with its remaining assets set […]
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