LIV Golf to Liquidate After $300 Million Financing Deal Collapses

LIV Golf will begin liquidation proceedings after a $300 million financing agreement with BC Partners failed to close, the organization confirmed on Thursday. The circuit had secured the capital to fund tournaments in 2027 but abandoned the plan after several high-profile golfers declined to commit to the league. This development marks the end of a volatile chapter in professional golf that began when the Saudi-backed tour launched in June 2022.

Gene Davis and Jon Zinman, members of the LIV Golf board's special committee, stated in a press release that the shift toward an orderly wind-down is the most responsible path forward. They noted that while the league moves toward liquidation, it will continue to evaluate any value-maximizing alternatives with third parties that may emerge during the process.

The financial uncertainty deepened in late April when Saudi Arabia's Public Investment Fund announced it would pull its funding after the 2026 season. The fund had previously invested more than $5 billion into the circuit. In September, LIV Golf filed for bankruptcy protection, prompting former world number one Jon Rahm and other leading players to announce their departures from the tour.

The split between LIV Golf and the PGA Tour triggered extensive legal battles. The PGA Tour suspended members who joined LIV, including major champions Bryson DeChambeau, Dustin Johnson, Brooks Koepka, and Phil Mickelson. In response, DeChambeau and others filed an antitrust lawsuit alleging that the PGA Tour used monopoly power to penalize independent contractors.

Negotiations for a merger stalled in 2023 after the PGA Tour rejected an offer from the Saudi fund. The proposal involved a $1.5 billion investment on the condition that LIV Golf remain intact and that fund governor Yasir Al-Rumayyan co-chair the PGA Tour Enterprises board. Even with President Donald Trump involved in earlier mediation efforts, the parties could not reach a unified commercial entity.

Critics had long described LIV Golf as a vehicle for Saudi Arabia to improve its global reputation. The Saudi government has denied accusations of human rights abuses associated with the nation. Scott O'Neil, CEO of LIV Golf, reflected on the organization's history in a statement, describing the effort to build a global platform for new and diverse fans as a rewarding experience.

The liquidation process will conclude a four-year period of intense competition and litigation in the sport. The tour will cease operations after the 2026 season, which is currently underway. No further financial commitments from the Saudi fund are expected beyond this period.