LIV Golf will enter liquidation after failing to land the rescue funding they needed to stay alive.
The demise of the league, whose inception in 2022 plunged golf into civil war, was ratified on Thursday when lawyers for the circuit confirmed to a New Jersey bankruptcy court that they would be winding down operations instead of pushing ahead for LIV 2.0.
The final straw came when the London-based BC Partners opted out of plans to inject $300 million into the tour, which had been on life-support ever since Saudi Arabia’s Public Investment Fund withdrew its backing earlier this year.
The package offered by BC Partners had been contingent on a sizeable chunk of LIV’s elite roster agreeing to stay on for diminished prize funds and accepting equity in the league instead of massive contracts.
However, the writing was on the wall once a number of the top names began to walk, which included Jon Rahm, Sergio Garcia, Tyrrell Hatton, Louis Oosthuizen and Ian Poulter. Brooks Koepka and Patrick Reed had already bolted before the start of the year.
It remains to be seen where LIV’s marquee player Bryson DeChambeau lands. The PGA Tour is considered highly unlikely to open its doors for at least one full season, but there is a route to the DP World Tour for the two-time major winner.
LIV Golf’s lawyers confirmed on Thursday that league was shifting plans to full liquidation
The Saudi Public Investment Fund pulled its massive funding in LIV Golf earlier this year
Daily Mail Sport understands that, under a little-known rule, he could use a five-year exemption to accept membership to the European-based circuited, which came into effect when he won the 2024 US Open.
But that option will expire on November 15, due to a regulation that mandates one year is reduced from his eligibility for every year that passes without the exemption being activated.
According to sources, the fact he has not triggered it for two years, means he has, in effect, lost the final two years of the term, leaving only the 2027 season available. With that deadline looming the week after next, he has a decision to make, unless he is serious about becoming a full-time YouTube golfer.
His situation will draw vast interest, as will the next destination for the likes of Dustin Johnson, Cameron Smith and Phil Mickelson.
But the death of LIV, barring any further rescue efforts that arise before the winding-up process begins on Monday, will not be greeted with any sadness by the wider golfing world.
LIV’s last impact on the landscape has been fiercely derided by the traditional frontiers of the sport, with prize money hiked to unsustainable levels on both sides of the Atlantic since the Saudis went on their $5 billion spending spree.
As recently as Wednesday, Rory McIlroy claimed unnamed figures from LIV had broadcast their intention at the Masters in April to see the DP World Tour ‘destroyed’.
The irony was not lost on McIlroy or DP World Tour bosses that LIV were informed they had lost their Saudi funding just days later.
A LIV statement on Thursday read: ‘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.’
Some of golf’s biggest names – including Dustin Johnson – signed mega-money deals with LIV
In a statement on Thursday, BC Partners said: ‘[We] supported a transaction that aligned the interests of players and investors, offering a credible path toward building a sustainable future for LIV Golf.
‘While there was great support for the league, we are disappointed that mutually acceptable terms could not be reached among the various stakeholders.
‘We commend LIV Golf’s management for their tireless efforts and thank the players who supported the future of LIV and engaged constructively throughout.
We wish them every success as they continue their careers.’
