LIV Golf, a tour known for disrupting the sport, has announced its closure after failing to secure new financial backing. The attempt to reboot following the withdrawal of its original Saudi investors has ended.
The decision comes after BC Partners Credit, expected to support 'LIV 2.0,' pulled out due to difficulties in attracting top-tier players to commit fully.
LIV Golf's official statement cited unresolved issues with BC Partners regarding their partnership agreement, leading to the decision to wind down operations responsibly.
LIV's management emphasized that the league will start liquidating assets soon. The ambitious league had once drawn top golfers with lucrative contracts but now faces financial hurdles.
The Saudi Public Investment Fund, once a major supporter, had invested around billion before halting further funding earlier this year.
Despite hopes for a new version with a shorter schedule and reduced prize money, many prominent players, including Jon Rahm, have opted out, casting doubt on the league's viability.
Documents reveal LIV Golf faces debts of up to billion to numerous creditors, including many players. BC Partners expressed disappointment over failing to reach an agreement that would secure the league's future.
LIV Golf's CEO, Scott O’Neil, reflected on the journey of innovating the sport, while acknowledging the unique events and impact on golf's younger, diverse audience.
While the LIV tournaments introduced new fans and formats, they couldn't draw the same television ratings as traditional tours, prompting adaptations in the PGA.
The league's closure underscores the challenges of maintaining a viable financial model in the competitive world of golf tours.
