What happened
LIV Golf, the professional golf venture whose largest investor was Saudi Arabia's sovereign wealth fund, is shutting down, according to Variety. The league could not reach agreement with a new investor on a reorganization through bankruptcy.
After the Saudi fund pulled out, LIV Golf had put forward a recapitalization transaction with BC Partners Advisors in a voluntary Chapter 11 case in the U.S. Bankruptcy Court for the District of New Jersey. In a statement, the league said "the relevant parties were ultimately unable to reach a consensual resolution of certain outstanding terms of the transaction."
As a result, LIV Golf said it intends to liquidate its assets and wind down the business. It added that "the company will remain open to, and continue to consider, any value-maximizing alternatives with third parties that may arise."
The background
The league was founded in 2021 by a group of professional golfers, led by Phil Mickelson and Greg Norman, who were dissatisfied with the PGA Tour, the sport's dominant organization, Variety reported.
Saudi Arabia's Public Investment Fund was LIV Golf's primary backer and invested more than $5 billion in the venture. In April 2026, the fund said it was ending its funding, which preceded the league's bankruptcy filing and its search for new capital.
In January 2025, Fox Sports and LIV Golf announced a multiyear media rights agreement for live U.S. coverage of the league. Under that deal, Fox carried the league's 14-tournament global schedule, with events in the U.S., Asia, Australia, Europe and Latin America. A Fox Sports representative did not immediately respond to Variety's request for comment.
The failed investment talks
BC Partners Credit had proposed investing $300 million in LIV Golf, but the discussions fell apart. In its own statement, the financial firm said it "supported a transaction that aligned the interests of players and investors, offering a credible path toward building a sustainable future for LIV Golf."
The firm added: "While there was great support for the league, we are disappointed that mutually acceptable terms could not be reached among the various stakeholders."
Players, leadership and the wind-down
Top-ranked golfers in the league this season included Jon Rahm, Bryson DeChambeau, Joaquin Niemann, Lucas Herbert, Tyrrell Hatton, Thomas Detry, Anthony Kim and Sergio Garcia, according to Variety.
LIV Golf CEO Scott O'Neil said in a statement Thursday that building a global platform meant to bring "new, younger, and more diverse fans to the sport of golf has been the round of a lifetime for all of us." He said he hoped the league had created "memories that I hope will inspire a new generation of fans to follow, play, and fall in love with this great game."
Several advisers are working on the liquidation. Gibson, Dunn & Crutcher is lead legal counsel and Cole Schotz is co-legal counsel. David Orlofsky of AlixPartners is chief restructuring officer, Ducera Partners is investment banker, and C Street Advisory Group is strategic communications adviser.
