LIV Golf bankruptcy hearing: League scraps plans to launch 'LIV 2.0' and 'winding down operations' after losing funding

LIV Golf has confirmed it plans to wind down operations and enter the liquidation phase, instead of launching a new version, because of a lack of financial support.

A lawyer representing the organisation announced the decision in a bankruptcy court hearing on Thursday in New Jersey, ending months of speculation over LIV Golf's future in the men's game.

"The debtors were ultimately unable to bring the key parties to a fully consensual arrangement that would have supported a financially viable LIV 2.0 league," Gibson Dunn partner Matthew Williams, one of LIV's attorneys, said.

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"As a result, the debtors are not currently proceeding with the LIV 2.0 plan. Instead, the debtors are toggling to a value-maximising wind down of their business."

The Financial Times first reported on Wednesday that BC Partners Credit, who had been lined up as potential backers following the withdrawal of Saudi Arabia's Public Investment Fund in April, had pulled out of a deal worth more than $300m (£220m).

LIV Golf had been forced to apply for Chapter 11 bankruptcy after the 2026 season, effectively cancelling playing contracts, with three-time champion Jon Rahm among the initial high-profile departures.

Sergio Garcia, Ian Poulter, Tyrrell Hatton, Louis Oosthuizen and Lee Westwood had already confirmed their intentions not to continue with LIV Golf, prior to the confirmation that the circuit would not continue.

In a statement, LIV Golf said: "Since April 2026, the league's leadership team, with the support of its independent directors and advisors, has run a disciplined and thorough process to identify the best, value-maximising path forward for the company and its stakeholders.

"Despite extensive discussions, the relevant parties were ultimately unable to reach a consensual resolution of certain outstanding terms of the transaction contemplated by the Restructuring Support Agreement (RSA). As a result, the RSA has been terminated, and the transaction is not expected to move forward at this time."

More to follow...

The end of the road for LIV

Sky Sports News' Jamie Weir...

"The writing was on the wall when the Saudis withdrew their funding back in April and the league filed for bankruptcy in September, but there was still a determination - with fresh investment - to persevere with the so-called LIV 2.0.

"Recent weeks have seen a succession of high-profile names announce they wouldn't be committing to this newest version of the league. With BC Partners also no longer proceeding, LIV Golf was left with no other option than to officially wind down the league and liquidate its assets.

"Where does that leave the players? The PGA Tour has been consistent in saying players will have to serve a one-year suspension from the date of their last event - that was in August. That leaves the DP World Tour as the most desirable option for many - with a mid-November deadline to take up membership, if eligible.

"The likes of Jon Rahm, Tyrrell Hatton and Sergio Garcia have already said that's where they'll be playing, while veterans like Lee Westwood or Paul Casey could re-join the DP World Tour - following tournament suspensions - due to career money list exemptions. For others, it's more complicated.

"Bryson DeChambeau, who was fully committed to LIV 2.0, has just one year remaining of his option to take up DP World Tour membership, but that's not an option for other past major champions like Cameron Smith or Dustin Johnson.

"Players who would add value to events could be given tournament invites, but even then these are unlikely to be extended to the premiere events. The PGA Tour is also going through its own changes, with it still unclear whether 10 cards will be on offer through the DP World Tour at the end of 2027.

"For many, the pathway back to the top could be a long and tricky one."

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(c) Sky Sports 2026: LIV Golf bankruptcy hearing: League scraps plans to launch 'LIV 2.0' and 'winding down operations' after losing funding