LIV Golf confirms wind-down as rescue agreement is terminated

LIV Golf confirmed on Thursday that it intends to wind down its operations after efforts to complete a rescue transaction failed. In a statement, the league said its restructuring support agreement with BC Partners Credit had been terminated because the parties could not settle outstanding terms. The proposed transaction is therefore not expected to proceed at present.

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The announcement follows a search for a new financial structure that LIV said began in April, involving its leadership, independent directors and advisers. The resulting proposal was intended to recapitalise the business through Chapter 11 proceedings in the United States Bankruptcy Court for the District of New Jersey. That planned route to continuing operations has now been abandoned.

BBC Sport reported that LIV lawyer Matt Williams told Thursday's bankruptcy hearing that the proposed replacement competition, known as LIV 2.0, was not proceeding. He said the necessary combination of financial backing and player commitments had not been secured within the available time. BC Partners Credit withdrew on Wednesday, primarily because too few players had signed up.

The potential financing amounted to $300 million, according to BBC Sport. Jon Rahm and Sergio Garcia were among the prominent players who had already left. The BBC had been told that approximately 30 players, including major champions, had committed to the proposed competition, but that level of participation did not produce a viable relaunch.

The financial difficulties followed Saudi Arabia's Public Investment Fund announcing its withdrawal of backing in April. LIV sought bankruptcy protection in September. BBC Sport reported that the 2026 season ended early, with an August tournament in Indianapolis proving to be the final event, despite plans subsequently being announced for a 2027 schedule.

A disclosure statement and wind-down plan are due to be filed by November 9, BBC Sport reported. PIF lawyer Scott Greissman told the hearing that the fund respected the decision and would work toward completing the process by the end of the year. That remains a stated objective, rather than a completed closure.

LIV's special committee members Gene Davis and Jon Zinman said in the league's statement that winding down was the responsible course in the circumstances. The league nevertheless says it remains open to alternatives that could preserve value, leaving that possibility available while it moves away from the proposed rescue.