LIV Golf shutting down after debtors bail and players head for exits
CBS News • • sports
Key Points:
- LIV Golf, the Saudi Arabia-backed golf league launched in 2022, is shutting down after filing for Chapter 11 bankruptcy and deciding against reorganization in a New Jersey court.
- The league's main backer, Saudi Arabia's Public Investment Fund, announced earlier this year it would end funding after the 2026 season, having invested over $5 billion since LIV's inception.
- A potential $300 million lifeline from BC Partners Credit to create a financially sustainable "LIV 2.0" fell through due to lack of player support, with notable golfers like Jon Rahm and Brooks Koepka returning to traditional tours.
- LIV Golf faced significant setbacks including the Asian Tour renewing ties with the PGA and DP World Tours, and the European Tour barring LIV 2.0 players from membership, jeopardizing their participation in major events like the Ryder Cup.
- Despite initial innovation and high prize funds, LIV never secured a strong broadcast presence in its first year and ultimately could not sustain operations despite later deals with CW Network and Fox Sports.
