Home · Sports · Nov 5 archive
LIV Golf Shuts Down After Saudi Arabia Withdraws Funding
· Confirmed
In Short: The controversial golf league backed by Saudi Arabia's Public Investment Fund is shutting down after failing to secure new investors.
LIV Golf, the controversial golf league backed by Saudi Arabia's Public Investment Fund (PIF), is shutting down after months of speculation about its future. According to Eonline, LIV Golf announced it is shutting down, while CBS Sports reported that PIF announced it would pull all funding for the league after the 2026 season.
The BBC reported that LIV Golf had hoped to continue in a new form, dubbed LIV 2.0, under new investors. However, the league filed for Chapter 11 bankruptcy on September 8, and now seeks to liquidate its remaining assets as it winds down operations.
The Conversation highlighted the league's initial promise to reshape men's professional golf entirely, with shorter rounds, limited competitor fields, and significant financial incentives. The publication noted that high-profile golfers like Phil Mickelson, Dustin Johnson, and Bryson DeChambeau had joined LIV Golf, causing a rift among golf's leading male professionals.
Despite initial optimism, LIV Golf struggled to secure new funding after PIF withdrew its support. The Indian Express reported that LIV Golf had secured a possible $300 million in financing from BC Partners Credit to move forward with the 2027 season. However, the league's attorney, Matthew Williams of Gibson Dunn, stated that the debtors are not currently proceeding with the LIV 2.0 plan.
Todays-Golfer reported that LIV Golf filed for Chapter 11 bankruptcy following the decision by PIF to withdraw its financial support. The league's board of directors, Gene Davis and Jon Zinman, said in a press release that an orderly wind-down is the most responsible path forward.
The league's initial promise to reshape golf was met with mixed reactions. The Conversation quoted Rory McIlroy, who initially labeled LIV Golf as 'dead in the water.' However, LIV Golf responded by saying the PGA Tour was being 'vindictive' and divisive.
Despite the league's efforts to secure new funding, the lack of support from PIF and the inability to find new investors ultimately led to its demise. The league's bankruptcy filing and subsequent liquidation process indicate that LIV Golf's ambitious plans to reshape golf have come to an end.
The league's shutdown marks the end of a tumultuous period for professional golf, with the PGA Tour banning players who joined LIV Golf from its own competitions. The Conversation noted that approximately 90 players will compete for the championship jacket after a year of controversy.
While the league's impact on golf remains to be seen, its shutdown underscores the challenges faced by breakaway leagues in securing long-term financial support and maintaining player loyalty.
The league's initial promise to reshape golf with shorter rounds, limited competitor fields, and significant financial incentives did not translate into long-term success. The lack of support from PIF and the inability to find new investors ultimately led to its demise.
The league's shutdown marks the end of a controversial period in professional golf, with the PGA Tour banning players who joined LIV Golf from its own competitions.
The league's initial promise to reshape golf with shorter rounds, limited competitor fields, and significant financial incentives did not translate into long-term success.
Background
LIV Golf, a breakaway golf league backed by Saudi Arabia, will shutter operations after BC Partners pulled its financial support.
What's confirmed
- LIV Golf, the controversial golf league backed by Saudi Arabia's Public Investment Fund (PIF), is shutting down after months of speculation about its future. According to Eonline, LIV Golf announced it is shutting down, while CBS Sports reported that PIF announced it would pull all funding for the league after the 2026 season.
- The BBC reported that LIV Golf had hoped to continue in a new form, dubbed LIV 2.0, under new investors. However, the league filed for Chapter 11 bankruptcy on September 8, and now seeks to liquidate its remaining assets as it winds down operations.
- The Conversation highlighted the league's initial promise to reshape men's professional golf entirely, with shorter rounds, limited competitor fields, and significant financial incentives. The publication noted that high-profile golfers like Phil Mickelson, Dustin Johnson, and Bryson DeChambeau had joined LIV Golf, causing a rift among golf's leading male professionals.
- Despite initial optimism, LIV Golf struggled to secure new funding after PIF withdrew its support. The Indian Express reported that LIV Golf had secured a possible $300 million in financing from BC Partners Credit to move forward with the 2027 season. However, the league's attorney, Matthew Williams of Gibson Dunn, stated that the debtors are not currently proceeding with the LIV 2.0 plan.
- Todays-Golfer reported that LIV Golf filed for Chapter 11 bankruptcy following the decision by PIF to withdraw its financial support. The league's board of directors, Gene Davis and Jon Zinman, said in a press release that an orderly wind-down is the most responsible path forward.
- The league's initial promise to reshape golf was met with mixed reactions. The Conversation quoted Rory McIlroy, who initially labeled LIV Golf as 'dead in the water.' However, LIV Golf responded by saying the PGA Tour was being 'vindictive' and divisive.
- Despite the league's efforts to secure new funding, the lack of support from PIF and the inability to find new investors ultimately led to its demise. The league's bankruptcy filing and subsequent liquidation process indicate that LIV Golf's ambitious plans to reshape golf have come to an end.
- The league's shutdown marks the end of a tumultuous period for professional golf, with the PGA Tour banning players who joined LIV Golf from its own competitions. The Conversation noted that approximately 90 players will compete for the championship jacket after a year of controversy.
- While the league's impact on golf remains to be seen, its shutdown underscores the challenges faced by breakaway leagues in securing long-term financial support and maintaining player loyalty.
- The league's initial promise to reshape golf with shorter rounds, limited competitor fields, and significant financial incentives did not translate into long-term success. The lack of support from PIF and the inability to find new investors ultimately led to its demise.
- The league's shutdown marks the end of a controversial period in professional golf, with the PGA Tour banning players who joined LIV Golf from its own competitions.
- The league's initial promise to reshape golf with shorter rounds, limited competitor fields, and significant financial incentives did not translate into long-term success.
What's still developing
- Now in the early stages of its crucial second season, with US$2 billion (£1.65 billion) having been invested, LIV Golf is taking a real swing at the golfing establishment.
- The first major tournament of 2023 in men’s professional golf could be a particularly tense affair.
- Our recent research suggests that LIV Golf was constructed not simply to add an extra layer to the men’s professional game or create a breakaway league.
- From the outset, LIV Golf promised to be “ golf, but louder ” – with shorter rounds, limited competitor fields, and lots and lots of money – to make the sport more attractive to new spectators.
- And while LIV Golf was initially labelled “ dead in the water ” by Northern Ireland’s four-time major champion Rory McIlroy in early 2022, not everyone agreed.
- But it seemed that the breakaway event had earned a lifeline when BC Partners Credit pledged a $300 million investment to pivot to a more financially sustainable “LIV 2.0.” So why are the organisers of LIV Golf pulling the plug?
- LIV Golf sent shockwaves through the sport when it burst onto the scene in June 2022 with a mix of star power and past-their-prime veterans who signed lucrative contracts to appear in tournaments with guaranteed paydays.
- LIV Golf, the pro-golfing startup venture whose biggest investor had been the sovereign wealth fund of Saudi Arabia, is shutting down after it couldn’t reach an agreement with a new investor on a bankruptcy reorganization.
- Two-time major champion Jon Rahm is leaving the LIV Golf League, dealing a blow to the breakaway golf circuit that is trying to emerge from federal bankruptcy without funding from Saudi Arabia’s Public Investment Fund.
- Modi stressed that Indian missions are providing all possible assistance to the injured pilot, who is undergoing treatment at a hospital in Saudi Arabia.
- Zelenskyy told the Financial Times that he had ordered commanders to stand down earlier this week, but wouldn't anymore.