LIV Golf Moves to Liquidation After BC Partners Withdraws $300 Million Bid

LIV Golf will liquidate its assets and shut down after five seasons. In a 13-minute hearing on 5 November in U.S. Bankruptcy Court in New Jersey, attorney Matthew Williams said the debtors had decided to pivot from restructuring to an orderly wind-down. The official process is set to begin by Monday, 9 November. Lawyers intend to file a Chapter 11 plan and disclosure statement that day.

BC Partners Credit had agreed last month to provide up to $300 million to fund a restructured LIV 2.0 for 2027. The firm withdrew after the league could not obtain sufficient player commitments. Williams told the court that the parties had been unable to reach a fully consensual arrangement that would support a financially viable league. Gene Davis and Jon Zinman of LIV’s special committee said shifting to wind-down was the most responsible path.

Saudi Arabia’s Public Investment Fund had spent more than $5 billion on the league since its 2022 launch, including large player contracts. The PIF ended operating support after the 2026 season. LIV filed for Chapter 11 on 8 September, listing liabilities between $500 million and $1 billion. The PIF provided $49.6 million in debtor-in-possession financing. High-profile players including Jon Rahm, Sergio Garcia, Tyrrell Hatton, Louis Oosthuizen, Ian Poulter and Lee Westwood had already left or indicated they would not continue. Rahm reached a separation agreement and is playing on the European Tour.

The PGA Tour imposes a one-year ban from the date of a player’s last LIV appearance before any return is possible. LIV paid $15.6 million to retain seven executives in the months before the bankruptcy filing, including $6.375 million to CEO Scott O’Neil. O’Neil said in a statement that building the platform had been rewarding but that the decision to wind down had been made after a thorough process.

Remaining assets, including real estate and trademarks, will be sold. Creditors will be paid from those proceeds. The creditors’ committee meets on 20 November, with another hearing set for 24 November. Williams said the decision to end business operations was made on the night of 4 November and the morning of 5 November. BC Partners said it had supported a transaction that aligned player and investor interests but that the necessary commitments had not materialized.

The league’s shotgun-start format and team concept had aimed to attract younger audiences. It never secured a major television deal in the United States that matched the scale of its spending. The wind-down ends the five-year effort to create a rival to the PGA Tour and DP World Tour. Players who remain under contract will see those contracts treated in the bankruptcy process. No new investor has stepped forward to replace BC Partners.

The short hearing confirmed what reports had indicated the previous day. LIV’s special committee concluded that further attempts to launch a scaled-back version would not succeed within the required timeline. The focus now is maximizing value for creditors while closing the business.