LIV Golf plans liquidation after replacement financing falls through

LIV Golf announced on November 5 that it would prepare for liquidation and wind down its international golf circuit after a proposed financing arrangement collapsed, leaving it without the backing needed to continue into 2027.¹⁴

Replacement funding falls away

The decision follows the withdrawal of support from Saudi Arabia’s Public Investment Fund, announced in April, and LIV’s filing for bankruptcy protection in September. According to the Guardian, the fund had invested more than $5bn before deciding that it would not finance the league beyond the 2026 season.¹²

BC Partners had offered the prospect of $300m in financing to allow tournaments to take place in 2027. The BBC reported that BC Partners Credit withdrew because the proposed successor competition, known as LIV 2.0, had not secured enough player support.¹³²

According to the BBC, about 30 players, including major winners, had signed up for the proposed competition. Its organisers had also secured commitments from co-investors, but could not complete the agreements within the available timetable. LIV faced a deadline to demonstrate sufficient player backing for another season, the broadcaster reported.²

Player departures accompanied the financing difficulties. The BBC reported on November 4 that Jon Rahm and Sergio Garcia had walked away. The Sydney Morning Herald separately reported that the financing plan was abandoned after Rahm and Lucas Herbert left the circuit.²³

Lee Westwood also expressed reservations about the proposed replacement. “There hasn't been anything presented to me that is agreeable for LIV 2.0,” he said, according to the BBC. He said elements of the proposal still required adjustment.²

Wind-down leaves options open

LIV’s board special committee concluded that winding down was the appropriate course in the circumstances, according to the Japan Times. The league said it would continue evaluating proposals from third parties that could maximise value during that process, rather than closing off alternatives altogether.⁴¹

The BBC reported that the Public Investment Fund had supplied the debtor-in-possession loan financing the restructuring. Its November 4 report said the fund was expected to tell a court hearing that the LIV 2.0 proposal was not viable.²

The implications for players include the ending of contractual obligations. According to a November 6 report by the Sydney Morning Herald, a US bankruptcy judge authorised LIV to terminate contracts with 19 players, among them Cameron Smith. The newspaper said the affected players could seek fresh agreements with LIV 2.0 or explore opportunities on other tours.³

The consequences also extend to South Australia, where Adelaide hosted four LIV tournaments, according to the Sydney Morning Herald. Premier Peter Malinauskas said the information available to him indicated that the event would not take place the following year. Smith and his Ripper GC teammates had not indicated their future plans, the newspaper reported.³