LIV Golf, the Saudi-funded tour that split men’s professional golf when it launched in 2022, is shutting down. Lawyers for the league told a U.S. bankruptcy court in New Jersey on Thursday, Nov. 5, 2026, that it will move to “a value-maximising wind-down” after investment firm BC Partners Credit walked away from a planned $300 million recapitalization, according to BBC Sport and USA Today.
LIV confirmed the decision in a statement, saying its restructuring support agreement with BC Partners “has been terminated” and the deal “is not expected to move forward at this time.” The league said it would still consider “any value-maximizing alternatives with third parties that may arise” during the wind-down.
Why the LIV Golf wind-down happened
The rescue plan, dubbed LIV 2.0, depended on enough players signing on. About 30 had, including major winners, BBC Sport reported, and Axios cited a source saying more than 30 had signed the restructuring support agreement. BC Partners wanted more. According to Axios, some holdouts sought more cash instead of equity, a demand the source tied to agents whose fees depend on cash earnings. High-profile names, including Jon Rahm and Sergio Garcia, had already walked away, the BBC said.
“Despite everyone’s best efforts we just couldn’t get to the level of combined financial and player support necessary for a viable LIV 2.0 within the required timeline,” LIV attorney Matthew Williams told the court. BC Partners said it was “disappointed that mutually acceptable terms could not be reached among the various stakeholders,” according to ABC News (Australia).
A lawyer for Saudi Arabia’s Public Investment Fund, Scott Greissman, told the court the fund had learned of the decision “a few hours ago” and looked forward to “an orderly wind-down by the end of the year,” the BBC reported. The hearing lasted 13 minutes.
By the numbers: how LIV got here
| Date or figure | What it means |
|---|---|
| June 2022 | LIV launches, using nine-figure signing bonuses to lure PGA Tour players (ABC) |
| More than $5 billion | PIF spending on LIV before it pulled funding in April 2026 (ABC, Axios) |
| Sept. 8, 2026 | LIV files for Chapter 11 protection (ABC) |
| $300 million | Proposed BC Partners Credit investment; Axios said about half was to come from co-investors |
| About 30 | Players signed up for LIV 2.0 (BBC, Axios) |
| $15.6 million | Retention payments to seven executives, including $6.375 million to CEO Scott O’Neil (ABC) |
| Nov. 9, 2026 | Deadline for a disclosure statement and wind-down plan (BBC) |
Sources as noted; compiled by The Boston Report.
The proposed rescue was small next to what came before it: $300 million is about 6% of the more than $5 billion the PIF spent, by The Boston Report’s calculation from the reported figures. ABC noted the question now is whether the executive retention payments can be voided, since the company is not reorganizing.
What happens to the players
The wind-down leaves LIV’s golfers looking for a path back. Rahm agreed to give up claims against LIV said to be worth about $100 million to get out of his contract and is playing on the European tour, ABC reported. The PGA Tour has a one-year ban dating from a player’s last LIV appearance. No list of which players signed on for LIV 2.0 was made public at the hearing. LIV had announced a 2027 schedule, including a March 18-21 event at Kooyonga Golf Club in Adelaide, Australia, which will not take place under the current plan.
The Boston connection
LIV brought its tour to Massachusetts early on. Dustin Johnson won the LIV Golf Invitational Boston in September 2022, in the league’s first season, when LIV was still recruiting stars and drawing protests over its Saudi funding. Big sports-business fights have been a recurring theme this fall, including the revived NFL Sunday Ticket antitrust verdict. For more on the companies behind the games, see our business and finance news coverage.
This is a news report based on court statements and published reporting. The league has said it remains open to alternatives, so the wind-down could change if, in Williams’ words, “the facts or the circumstances change.”
Sources
- LIV Golf: LIV Golf announces update on court-supervised restructuring process (Nov. 5, 2026)
- BBC Sport: LIV Golf to wind down after potential financial backers withdraw support (Nov. 5, 2026)
- Axios: Saudi-backed LIV Golf is dead (Nov. 5, 2026)
- USA Today: LIV Golf is done after BC Partners $300M deal for LIV 2.0 collapses (Nov. 5, 2026)
- ABC News (Australia): LIV Golf to wind down after BC Partners withdraw support (Nov. 6, 2026)
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