LIV Golf abandons revival plan and begins wind-down
The league’s lawyer told a bankruptcy court that LIV 2.0 could not secure the funding and player support it needed. A new Chapter 11 plan is expected Monday.
LIV Golf will wind down its business after attorney Matthew Williams told U.S. Bankruptcy Court Judge Michael B. Kaplan on Thursday, Nov. 5, that the league would not proceed with its proposed LIV 2.0 revival. Williams said the plan lacked the financial commitment and player support needed to be viable within the required timeline; ESPN reported that the company plans to file a new Chapter 11 plan on Monday.
Why LIV 2.0 lost its backing
The immediate setback was the loss of a prospective $300 million investment from BC Partners. ESPN reported the firm decided on Wednesday not to invest after failing to reach terms with key stakeholders. The London-based firm had been expected to replace Saudi Arabia’s Public Investment Fund as LIV’s primary financier, and BC Partners said mutually acceptable terms could not be reached among the parties.
Player commitments also fell short of what the proposed league needed. ESPN cited a source who said about 30 players had committed for next season and another 10 were still considering it, while negotiations dragged on. The BBC separately reported that those working on LIV 2.0 had received some player commitments, including from major winners, but could not secure the agreements needed within the available time.
Williams said the wind-down decision was made Thursday morning and that LIV’s strategic initiative committee could revisit it if circumstances changed, subject to its fiduciary duties. LIV said it remained open to value-maximizing alternatives with third parties during the wind-down. BC Partners said it had supported a transaction aligned with players and investors, but the stakeholders could not agree on terms.
LIV’s bankruptcy and the 2027 schedule
LIV filed voluntarily for Chapter 11 protection on Sept. 8. ESPN reported that the filing listed assets of $100 million to $500 million and liabilities of $500 million to $1 billion. The BBC reported that the Public Investment Fund announced in April it would stop backing LIV after investing more than $5 billion, prompting the league to seek replacement investors for a revised model.
The uncertainty reaches beyond the restructuring. LIV had announced a 2027 event at Kooyonga Golf Club in Adelaide for March 18–21. South Australia Premier Peter Malinauskas told ABC Adelaide he did not expect the tournament to go ahead there, but the BBC’s report did not establish a formal cancellation.
Forbes, in a report republished by Yahoo Sports, described LIV as planning to liquidate its assets as it winds down. The court announcement sets out the direction of the process; the final timing and distribution of any liquidation proceeds have not been established.
Read in depth: Sports
Denver’s early-season struggles expose its reliance on Nikola Jokić
The Nuggets are 4-3, with an offense outside its usual top 10. ESPN’s analysis points to roster concerns around the three-time MVP; his latest game offered a brighter...
Miami vs. Notre Dame: Where each team holds an edge
No. 11 Notre Dame hosts No. 1 Miami on Saturday in a matchup with advantages for both sides—and without injured Miami receiver Malachi Toney.
Sources and context
- LIV Golf Is Shutting Down And Liquidating AssetsForbes (republished by Yahoo Sports)
- LIV Golf lacks support for 2.0 model, winds down operationsESPN
- LIV Golf: Breakaway league to wind down after potential financial backers withdraw supportBBC Sport
AI-assisted article checked against the listed sources. NewsJaws did not conduct interviews or attend the reported events.