LIV Golf Confirms Liquidation After BC Partners Pulls Out of $300m Deal
LIV Golf has officially confirmed it will wind down operations and enter liquidation, abandoning plans for a relaunch as “LIV 2.0” after failing to secure fresh investment. The decision was announced in a bankruptcy court hearing in New Jersey, ending months of uncertainty regarding the future of the men’s golf circuit.
The organisation was unable to bring key parties to a fully consensual arrangement that would have supported a financially viable new league. Consequently, the debtors are not proceeding with the LIV 2.0 plan and are instead toggling to a value-maximising wind down of their business.
Gibson Dunn partner Matthew Williams, one of LIV’s attorneys, stated: “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.
He added: “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 had pulled out of a deal worth more than $300m (£220m). BC Partners had been lined up as potential backers following the withdrawal of Saudi Arabia’s Public Investment Fund in April.
LIV Golf had been forced to apply for Chapter 11 bankruptcy after the 2026 season, effectively cancelling playing contracts. Three-time champion Jon Rahm was among the initial high-profile departures from the circuit.
Sergio Garcia, Ian Poulter, Tyrrell Hatton, Louis Oosthuizen and Lee Westwood had already confirmed their intentions not to continue with LIV Golf. These announcements came 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.
The statement continued: “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,” the organisation confirmed in its official communication.
The league was originally run by Greg Norman and launched as an Invitational Series in 2022. Over the following seasons, the circuit grew to secure Official World Golf Ranking points and player pathways to majors.
Brooks Koepka got out of his deal ahead of the 2026 season, and the PGA Tour created a path with financial penalties to return. Patrick Reed chose not to renew his contract and is now set to return to the PGA Tour via his DP World Tour performances.
The DP World Tour said in September that any player who signed with LIV 2.0 would be denied membership on its circuit. Its chief executive Guy Kinnings and Rory McIlroy both said that LIV Golf was trying to ‘destroy the European Tour’.
Only a handful of players, including Brendan Steele and Cameron Tringale, had publicly stated their support for the new format. BC Partners expressed that it was “disappointed” that “mutually acceptable terms could not be reached” to proceed with the circuit.
LIV Golf chief executive Scott O’Neil said: “LIV Golf was fun, demanding, inspiring, at times challenging – but always rewarding. Building a global platform designed to bring new, younger, and more diverse fans to the sport of golf has been the round of a lifetime for all of us.
He reflected on the legacy of the tour, stating: “We created memories that I hope will inspire a new generation of fans to follow, play, and fall in love with this great game.
O’Neil added: “Golf has given so much to so many, and my hope is that those entrusted with its future will lead with the generosity, perspective, and shared purpose this extraordinary game deserves.
The writing was on the wall when the Saudis withdrew their funding back in April and the league filed for bankruptcy in September. However, there was still a determination to persevere with the so-called LIV 2.0 with fresh investment.
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, which 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.
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, the situation is 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. 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 as the landscape of professional golf shifts dramatically following the collapse of the rival circuit.
