LIV Golf Announces Shutdown... 'Fades Into History Just Five Years After Launch'

Announces on its website it will wind down, five years after launching in 2022
Tour launched with Saudi funding, recruiting a slew of top-ranked players
Reeled by halt in PIF support; new investor also pulls out

LIV Golf has come to an end after five years.

On November 6 (Korea time), LIV Golf said on its website, "We sought to launch a new business model through Chapter 11 bankruptcy reorganization proceedings in the United States, but were unable to reach a final agreement with investors," adding, "We plan to begin the process of winding down the business."

Scott O'Neil, CEO of LIV Golf, said in a farewell message, "Our efforts to attract young and diverse fans from around the world were an unforgettable experience. LIV Golf was an enjoyable and challenging journey and, above all, a rewarding one."

O'Neil, CEO of LIV Golf. Courtesy of LIV Golf.

Matthew Williams, an attorney representing LIV Golf, said, "The debtors are no longer pursuing the 'LIV 2.0' plan, which was a new business model. Everyone did their best, but we were unable to secure financial backing or the support of players. We are beginning the process of winding down the business."

LIV Golf launched in 2022 as a new golf tour to challenge the established PGA Tour, backed by massive funding from Saudi Arabia's Public Investment Fund (PIF). At the time, it sent shock waves through the golf world by recruiting top players with enormous signing bonuses. A number of star players joined LIV Golf, including Bryson DeChambeau and Dustin Johnson of the United States, and Jon Rahm of Spain.

However, LIV Golf faced a crisis when the PIF, which had invested more than $5 billion (approximately 6.8 trillion won), halted its financial support, citing changes in the international climate. LIV Golf sought to relaunch with an investment from private equity firm BC Partners, but BC Partners withdrew its investment plan after key players, including Rahm and Sergio Garcia of Spain, left. Having failed to secure financial backing and retain players, LIV Golf ultimately chose to wind down its business.

This content was produced with the assistance of AI translation services.