LIV Golf is officially winding down its operations rather than proceeding with a previously planned second iteration of the league. Matthew Williams, a lawyer representing the organization, confirmed the decision during a bankruptcy court hearing held Thursday in New Jersey. “The debtors are not currently proceeding with the LIV 2.0 plan,” Williams stated. “Instead, the debtors are toggling to a value-maximizing wind-down in their business.” The league was originally run by Greg Norman.
The collapse of the venture follows a significant shift in investment strategy by Saudi Arabia’s Public Investment Fund (PIF), which stopped funding the league after the 2026 season. This withdrawal came months after the onset of the war in Iran. Having spent more than $5 billion since its inception in 2022, the league found itself unable to sustain its ambitious financial model, which initially included $20 million individual purses and promises of player equity.
Legal and competitive pressures compounded these financial challenges. LIV Golf filed for bankruptcy on September 8. Meanwhile, the DP World Tour issued a stern ultimatum, warning that any player signing with a potential “LIV 2.0” would be barred from its membership, effectively rendering them ineligible for the Ryder Cup. Guy Kinnings, CEO of the European tour, justified the stance by citing the need to protect the organization against an entity that allegedly sought to destroy the tour while spending upwards of $7 billion. Filed on September 8, the European tour laid down a crushing ultimatum by saying anyone who signed with LIV 2.0 need not apply for membership in the commercially known DP, and as LIV was trying to emerge from bankruptcy.
The league has suffered a significant talent drain, with high-profile players like Jon Rahm, Sergio Garcia, Louis Oosthuizen, and Tyrrell Hatton declaring they would not remain with the organization. Younger players, including Spain’s David Puig and Northern Ireland’s Tom McKibbin, have also departed. This follows the early exit of Brooks Koepka, who exited his deal with one year remaining, and Patrick Reed, who opted not to extend his contract to pursue a return to the PGA Tour.
While Rahm expressed a willingness earlier this week to cover the same exit costs as Koepka to facilitate his departure, it remains unclear if such a deal would be honored. Further isolation occurred in July, when the Asian Tour—which had partnered with LIV for its International Series—voted to renew its strategic alliance with the PGA Tour and the European tour. According to rahm had, On Tuesday he would be willing to pay the same price as Koepka, though it was unlikely that same deal would be offered.
LIV Golf’s final event took place in August in Indianapolis, with Michael La Sasso emerging as the winner. La Sasso’s subsequent struggle to clear the second stage of the European tour’s Q-school last week underscores the uncertain competitive future for many of the league’s remaining participants.
