LIV Golf announces it will shutter league after failing to secure enough backing

The controversial professional golf league LIV Golf announced Thursday to a U.S. bankruptcy court that it will be shuttering the league after its backers pulled its funding beyond the current season and it failed to get another supporter in time.

A LIV Golf attorney told Judge Michael Kaplan that the league would file a new Chapter 11 bankruptcy plan Monday and wind down its operations after it failed to get the necessary financial commitment and player support to proceed with LIV 2.0, according to ESPN. 

"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," Attorney Matthew Williams said. "As a result, the debtors are not currently proceeding with the LIV 2.0 plan. Instead, the debtors are toggling to a value-maximizing wind-down of their business."

The move comes after BC Partners decided against investing $300 million in LIV 2.0 on Wednesday after it couldn't reach an agreement with other key stakeholders. 

The decision not to invest in LIV 2.0 comes after former LIV Golf stars Jon Rahm, Sergio Garcia, Tyrrell Hatton and others failed to commit to the new tour and play on the DP World Tour next season instead.

"This is not for lack of a good faith effort," Williams said. "Over the past several weeks, the debtors, BC Partners, the players, the creditors committee, we all negotiated intensely and in good faith. The parties worked through multiple iterations of the financing for a reorganized league, the upsized [debtor in possession] documents necessary to support the process, and the terms on which the players could and would participate.

"Every constituency made meaningful efforts to find common ground, but ultimately, despite everyone's best efforts, we just couldn't get to the level of combined financial and player support necessary for a viable LIV 2.0 within the required timeline," he added.

The planned closure comes five years after the league made a grand entrance to the world of professional golf. 

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.