LIV Golf is winding down operations after its financial backer BC Partners withdrew funding, attorneys confirmed Thursday in New Jersey Bankruptcy Court.
The wind-down process is set to begin Monday. "We believe the wind-down path is the best path," said Matthew Williams, a partner at Gibson Dunn, during the hearing.
BC Partners had previously committed upwards of $300 million to keep the league afloat after Saudi Arabia's Public Investment Fund (PIF) withdrew its support. However, the capital firm decided to pull its funding, believing there were not enough golfers or notable names attached to the project to keep it viable, according to reports from The Athletic and the Financial Times.
BC Partners had expected at least twice as many player commitments. In a statement, the firm said it supported a transaction aligning player and investor interests but could not reach mutually acceptable terms among stakeholders.
LIV Golf will now liquidate its assets and shutter the league entirely. The PIF had invested approximately $7 billion total to start LIV Golf, fund player contracts, and keep the league running for five seasons. After PIF withdrew funding, the league canceled two tournaments and failed to pay vendors and some players.
LIV Golf filed for Chapter 11 bankruptcy protection in September, promising to find a new backer. Nearly every major LIV Golf player had departed before the announcement, including Jon Rahm, Tyrrell Hatton, and Sergio Garcia. Brooks Koepka returned to the PGA Tour, while Bryson DeChambeau had planned to stay with the new iteration. The PGA Tour has been hesitant to open additional pathways for former LIV Golf players to return.
