LIV Golf is shutting down after scrapping plans for new league
The league will sell remaining assets after losing Saudi funding and a proposed $300 million rescue deal collapsed, lawyers said.
- 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.
123 Articles
123 Articles
LIV Golf, which challenged the established golf industry with massive funding from Saudi Arabia, is abandoning its plan to relaunch in 2027 and entering business liquidation proceedings. On the 6th (Korean time), LIV Golf stated that it failed to reach an agreement on the restructuring support contract it had been pursuing during rehabilitation proceedings at the New Jersey Bankruptcy Court, adding that “orderly
[Sports Chosun Reporter Park Sang-kyung] LIV Golf is finally closing its doors. On the 6th (Korean time), LIV Golf announced on its website that it "plans to enter into the process of an orderly business termination," stating that "although it attempted to launch a new business model through reorganization proceedings under Chapter 11 of the U.S. Bankruptcy Code, it failed to reach a final agreement with investors." Earlier that day, LIV Golf's …
Prominent Golf League Ceases Operations After Bankruptcy
LIV Golf, funded primarily by Saudi Arabia, is shutting down after failing to secure necessary financing and now moves towards liquidation. This conclusion follows its bankruptcy filing and attempts at restructuring.
Major Pro Sports League Folds After Bankruptcy Filing
LIV Golf, the professional golf league established in 2021 and backed primarily by Saudi Arabia’s Public Investment Fund, announced Thursday that it will wind down operations and shift from a restructuring process to liquidation. Attorneys for the league confirmed the decision during a brief hearing in U.S. Bankruptcy Court in New Jersey. The move follows […]
(Seoul = Yonhap News) Reporter Kim Kyung-yoon = LIV Golf, which shook up the landscape of the golf world backed by Saudi Arabia's financial power, has come to an end after five years.
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