LIV Golf Is Shutting Down After Its Rescue Talks Collapse
LIV Golf is shutting down. The league says it will liquidate its assets, meaning sell them off, and wind down the business. It reached that decision after failing to agree terms with a new investor on a bankruptcy reorganisation, Variety reported on November 5.
The league was founded in 2021 by a group of professional golfers led by Phil Mickelson and Greg Norman. Its main backer was Saudi Arabia's Public Investment Fund, the country's state investment fund. That fund put more than $5 billion into LIV before ending its funding in April 2026.
After the fund stepped back, LIV proposed a recapitalisation, which is a rescue that reshapes a company's finances. The plan was to carry it out with BC Partners Advisors through voluntary Chapter 11, a United States bankruptcy process that lets a business restructure its debts under court supervision. The case was filed in the U.S. Bankruptcy Court for the District of New Jersey. Reuters reported that LIV filed on October 29, 2026, saying it intended to restructure. BC Partners Credit had proposed investing $300 million.
That deal did not hold. Bloomberg reported on November 4 that a restructuring to restart the league had fallen through and that LIV was nearing liquidation. The league has now confirmed the wind-down. It has also scrapped its plans for LIV 2.0, according to USA Today.
For television viewers, the league's events were carried live on Fox Sports. In January 2025, Fox and LIV announced a multiyear U.S. media rights agreement. Under that pact, Fox carried live coverage of LIV's 14-tournament schedule, with events in the U.S., Asia, Australia, Europe and Latin America. Media rights are the deals that let a broadcaster show a sport's events, usually in exchange for payment.
Several firms are now handling the wind-down. Gibson, Dunn & Crutcher is lead legal counsel, and Cole Schotz is co-counsel. David Orlofsky of AlixPartners is serving as chief restructuring officer, the executive who takes charge of a company's financial rebuild or closure. Ducera Partners is the investment banker, and C Street Advisory Group is handling strategic communications. Scott O'Neil remains LIV's chief executive.
Boston 25 News reported that the league shut down after five years of operation. For the players, staff and production crews who worked on the tour, that means a wind-down rather than a restart. What happens to the league's contracts and its assets will now be decided through the bankruptcy process.
