Five years after its controversial arrival in professional golf, LIV Golf is set to shut down. More than $5 billion had been spent on the league, but it could not secure the financial commitment and player support required to move forward with LIV 2.0.

LIV Golf attorney Matthew Williams told U.S. Bankruptcy Court Judge Michael B. Kaplan that the company would wind down operations. Williams also said the league would file a new Chapter 11 bankruptcy plan Monday.

“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,” Williams said during Thursday’s hearing. “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 league said it would remain open to alternatives involving third parties during that process. Any such alternatives would be considered in the context of maximizing value as the business winds down.

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LIV Golf CEO Scott O’Neil reflected on the league’s ambitions and experience in a statement Thursday. “Building a global platform designed to bring new, younger, and more diverse fans to the sport of golf has been the round of a lifetime for all of us,” O’Neil said.

“LIV Golf was fun, demanding, inspiring, at times challenging -- but always rewarding,” O’Neil continued. He said the organization delivered individual and team competitions across five continents, created value in its teams, secured sponsors and attracted investors to discussions around a next generation business plan.

The decision followed BC Partners’ choice Wednesday not to invest $300 million in LIV 2.0 after the firm could not reach terms with other key stakeholders. Williams said the decision to shutter the league was not made until Thursday morning.

BC Partners had planned to replace Saudi Arabia’s Public Investment Fund as LIV Golf’s primary financier. The international investment firm based in London ultimately pulled out with not enough of the league’s top golfers committed to returning in 2027.

A source said LIV Golf had reached a critical mass of players who pledged to compete in the league next season. About 30 players were committed, while another 10 were still considering participation, but BC Partners ended its involvement after negotiations with those golfers dragged on.

“While there was great support for the league, we are disappointed that mutually acceptable terms could not be reached among the various stakeholders,” a BC Partners spokesperson said in a statement Thursday. The spokesperson commended LIV Golf’s management and thanked the players who supported its future and participated constructively.

LIV Golf voluntarily filed for Chapter 11 bankruptcy protection Sept. 8. The filing indicated the company had between $100 million and $500 million in assets and between $500 million and $1 billion in liabilities.

“On the current facts, it concluded that a wind-down is the most likely way to maximize value for creditors at this time,” Williams said. “This was not an easy conclusion for anyone who believed in what LIV Golf built, but it is the right one for these estates and the circumstances.”

Williams said the strategic initiative committee could revisit the decision if the facts or circumstances changed, consistent with its fiduciary duties. He also said the outcome did not result from a lack of effort by the debtors, BC Partners, the PIF, the players or the creditors committee.

“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,” Williams said.

Former LIV Golf stars Jon Rahm, Sergio Garcia, Tyrrell Hatton and others did not commit to LIV 2.0 and plan to compete on the DP World Tour next season. The PIF announced in April that it would not finance LIV Golf beyond this season after investing more than $5 billion.

That investment went into a circuit that beginning in 2022 lured Rahm, Bryson DeChambeau, Dustin Johnson and others away from the PGA Tour. LIV Golf offered guaranteed contracts of more than $100 million and staged events carrying $30 million purses.

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