The rebel LIV Golf tour will shut down after five years that rocked the global game, saying Thursday that an effort to relaunch after losing its original Saudi backers has been scrapped.
The announcement follows reports that BC Partners Credit, the lead investor in “LIV 2.0,” had withdrawn from the project after struggling to convince several star players to fully commit to the league going forward. In a statement, LIV Golf said only that attempts to implement its Restructuring Support Agreement with BC Partners had foundered.
The once free-spending Saudi-backed league that had turned the golf world upside-down by luring superstars away from the traditional PGA Tour will begin liquidating its remaining assets on Monday, the court heard. “In light of the current circumstances, we believe shifting toward an orderly wind-down is the most responsible path forward for the League at this time. “While there was great support for the league, we are disappointed that mutually acceptable terms could not be reached among the various 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 RSA,” LIV Golf said. LIV formally filed for bankruptcy protection in September, though officials vowed to relaunch as “LIV 2.0” next season with a shorter schedule and reduced prize money, and equity stakes in the league for players.
“Together, our team delivered world-class individual and team competitions across five continents, built a global business, secured pathways to The Open and US Open, earned Official World Golf Ranking points, engaged with stakeholders focused on the health and future of the game, created value in our teams, attracted premier sponsors, brought investors to the table around a next-generation business plan, and built a league capable of attracting both elite and rising talent from around the world.”
