LIV Golf Files for Liquidation

The breakaway golf league has entered its final phase. On Thursday, LIV Golf notified a U.S. Bankruptcy Court judge that it will stop pursuing its LIV 2.0 plan and begin shutting down operations.

The decision follows a one-day withdrawal of a $300 million financing offer by BC Partners Credit. Negotiations between the investor and top golfers collapsed, leaving the tour without the capital needed to continue its reorganization strategy.

LIV Golf stated in a document filed with the court that it will wind down its business. The organization plans to submit a new Chapter 11 bankruptcy plan to the U.S. Bankruptcy Court of New Jersey on Monday. This move shifts the process from reorganizing to liquidating assets to pay creditors.

Blanka Wolfe, a corporate bankruptcy analyst at Octus, said the league will likely liquidate unless a new investor steps in immediately. She noted that it is difficult to imagine another party taking the risk after Saudi Arabia's Public Investment Fund invested $6 billion over five years.

The liquidation process creates a hierarchy for repayment. Kevin Eckhardt, a bankruptcy attorney with Octus, explained that the PIF is first in line because it holds a nearly $500 million loan from June. Players and other unsecured creditors, including golf courses and service providers, are next in line but will likely receive little to no money from remaining assets.

Players such as Bryson DeChambeau, Jon Rahm, and Cameron Smith face complex return paths to the PGA Tour. They must prove they are out of their LIV contracts before the PGA Tour will discuss their return. According to sources, the tour will not necessarily offer the same deal made to Brooks Koepka.

Koepka accepted an invitation to return to the PGA Tour in January. He made a $5 million donation to charity and forfeited equity and bonuses. PGA Tour CEO Brian Rolapp called that offer one-time. Rahm acknowledged earlier this week that he probably will not receive the same terms.

Some players may face additional discipline. DeChambeau remained a plaintiff in lawsuits against the PGA Tour after others settled. This legal history may make his return more difficult. Phil Mickelson, who helped recruit players to LIV, also faces an uncertain future due to his recent personal situation.

The DP World Tour offers an immediate playing option for some former LIV members. Players like Sergio Garcia and Tyrrell Hatton paid fines and secured releases for 2026. They can earn one of ten PGA Tour cards available next year through DP World Tour status.

LIV Golf's lawyer told the judge that the liquidation plan will be filed by Nov. 9. A committee of unsecured creditors is seeking a consensual resolution with the PIF. Eckhardt suggested the players want to avoid lawsuits that could lead to depositions of Saudi officials and public disclosure of financial records. The next court hearing is scheduled for Nov. 24.