LIV Golf plans wind-down after rescue financing deal fails

LIV Golf has announced plans to wind down its operations after efforts to finance a successor competition failed, ending its current push to launch LIV 2.0. In a statement on Thursday, November 5, the league said its proposed recapitalization would not proceed under the agreement it had negotiated with BC Partners Credit.

Watch the highlights:

The league said the parties had been unable to resolve outstanding transaction terms despite extensive discussions. Its restructuring support agreement has consequently been terminated. LIV had sought to implement the deal through Chapter 11 proceedings in the United States Bankruptcy Court for the District of New Jersey, following a search for a viable future that began in April.

BBC Sport reported that lawyer Matt Williams told Thursday's bankruptcy hearing there was insufficient combined financial and player support to make the revamped competition viable within the available time. BC Partners Credit had offered potential financing of $300 million, but withdrew its support on Wednesday. The hearing lasted 13 minutes and did not identify which players had committed to the proposed league.

The setback follows the loss of LIV's original Saudi backing. According to the Associated Press, the competition began staging events in June 2022 and filed for Chapter 11 protection on September 8 this year. Players including Jon Rahm, Sergio Garcia, Tyrrell Hatton and Louis Oosthuizen were not interested in the proposed new version, the agency reported.

The next formal step is a disclosure statement and wind-down plan, due to be filed by November 9, BBC Sport reported. PIF lawyer Scott Greissman told the court that the fund respected the decision and wanted to work toward an orderly closure by the end of the year. The hearing did not disclose the amounts owed to unsecured creditors.

LIV's board special committee backed the change of direction. In the league's statement, committee members Gene Davis and Jon Zinman said management had brought credible options forward but considered an orderly wind-down the responsible course in the circumstances. The decision is not presented as irreversible: BBC Sport reported that LIV remains open to alternatives and could revisit its approach if circumstances change.