LIV Golf has formally initiated its exit from the professional golf circuit, filing a Chapter 11 bankruptcy plan with a New Jersey federal court on Tuesday. The filing outlines a proposed schedule for a final hearing on its disclosure statement set for January 7, a procedural step that effectively triggers the liquidation of the league’s assets. This move marks the definitive end of the breakaway tour’s independent operations, shifting the focus from competitive play to financial dissolution.
Saudi funding collapse and failed BC Partners deal force orderly wind-down of breakaway tour.
The collapse follows the withdrawal of support from the Public Investment Fund (PIF) of Saudi Arabia, which had invested approximately $5 billion in equity capital since the league’s inception. PIF announced on September 8 that a strategic shift would prevent further funding beyond the 2026 season, leaving the organization with a critical liquidity gap. Compounding the crisis, a restructuring agreement with BC Partners Credit, which had pledged $300 million to sustain a “LIV 2.0” model for 2027, failed to secure sufficient player participation and was subsequently terminated.
In its bankruptcy summary, LIV Golf acknowledged that no viable restructuring transaction remains available due to the lack of player buy-in and the termination of the BC Partners deal. The filing revealed that the league operated at a persistent loss and was years away from profitability, prompting the organization to lay off 289 employees and furlough 22 others just one week before the bankruptcy petition was filed. The January 7 hearing will now determine the timeline for the final distribution of assets to creditors.
Source: Yahoo Sports
