LIV Golf, the Saudi-backed professional golf league founded to challenge the PGA Tour, is shutting down after five years following the collapse of a proposed $300 million investment deal.
The league announced its decision after failing to reach an agreement with BC Partners Credit on a restructuring deal during its Chapter 11 bankruptcy proceedings in the United States.
LIV Golf was launched in 2021 by a group of professional golfers led by Phil Mickelson and Greg Norman. They sought to create an alternative to the PGA Tour, which had long dominated the sport.
How LIV Golf lost its Saudi backing
Saudi Arabia’s Public Investment Fund (PIF) was the league’s main financial backer. The fund invested more than $5 billion in the venture before announcing in April 2026 that it would end its funding.
Following the withdrawal, LIV Golf began seeking new investors to keep the business running.
The league proposed a recapitalisation deal with BC Partners Advisors through its voluntary Chapter 11 bankruptcy proceedings at the US Bankruptcy Court for the District of New Jersey.
BC Partners Credit had proposed investing $300 million in the league. However, negotiations broke down after both parties failed to agree on some outstanding terms.
In a statement, LIV Golf said: “The relevant parties were ultimately unable to reach a consensual resolution of certain outstanding terms of the transaction.”
The league subsequently announced plans to sell its assets and wind down its operations. However, it said it would still consider other offers that could maximise value for stakeholders.
BC Partners Credit also expressed disappointment over the failed negotiations.
“BC Partners Credit supported a transaction that aligned the interests of players and investors, offering a credible path toward building a sustainable future for LIV Golf. While there was great support for the league, we are disappointed that mutually acceptable terms could not be reached among the various stakeholders,” the firm said.
Fox Sports deal ends as LIV Golf faces closure
LIV Golf’s shutdown also comes after the end of its media rights agreement with Fox Sports.
In January 2025, both parties announced a multiyear deal for live coverage of the league’s competitions in the United States.
The agreement covered LIV Golf’s 14-tournament global schedule. The events took place across the US, Asia, Australia, Europe and Latin America.
The deal lasted two seasons and ended after the league’s 2026 campaign wrapped up in August. Before the Fox Sports partnership, LIV Golf tournaments aired on Nexstar Media Group’s CW network.
A Fox Sports representative declined to comment on the league’s planned closure.
Top golfers featured in LIV Golf
Despite its financial struggles, LIV Golf attracted several prominent players.
They included Jon Rahm, Bryson DeChambeau, Joaquin Niemann, Lucas Herbert, Tyrrell Hatton, Thomas Detry, Anthony Kim and Sergio Garcia.
Scott O’Neil, LIV Golf’s chief executive officer, described the experience of building the league as rewarding despite its challenges.
“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. LIV Golf was fun, demanding, inspiring, at times challenging, but always rewarding. … We created memories that I hope will inspire a new generation of fans to follow, play, and fall in love with this great game.”
As LIV Golf prepares to liquidate its assets, Gibson, Dunn & Crutcher is serving as its lead legal counsel. Cole Schotz is acting as co-legal counsel.
David Orlofsky of AlixPartners is the chief restructuring officer, while Ducera Partners is serving as investment banker. C Street Advisory Group is handling strategic communications.
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