LIV Golf, the breakaway circuit that shook up the sport with billions of dollars in investment and lucrative contracts for some of its biggest names, is to wind down after losing the financial backing needed to continue.
The Saudi-backed league announced on Thursday that it would begin an orderly liquidation process after failing to secure the financing required to stage tournaments beyond the 2026 season.
LIV Golf said it would remain open to offers from third parties throughout the process, with the aim of securing greater value from its assets.
“In light of the current circumstances, we believe shifting toward an orderly wind-down is the most responsible path forward for the league at this time,” said Gene Davis and Jon Zinman, members of LIV Golf’s board special committee.
The circuit's future had been in doubt since Saudi Arabia’s Public Investment Fund confirmed in April that it would withdraw its financial support after the completion of the 2026 season, having invested more than $5 billion in the project.
A potential rescue package worth $300 million from BC Partners had offered a route into 2027, but those plans were abandoned after several prominent players declined to commit to the league.
“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.
The announcement comes after a turbulent period for LIV, with several high-profile players reconsidering their futures. Former world No 1 Jon Rahm has announced his departure and plans to return to the DP World Tour in 2027.
The US-based PGA Tour has said players who competed in LIV events will face a one-year ban from their last appearance on the breakaway circuit.
LIV burst onto the scene in June 2022, offering guaranteed prize money, no cuts and substantial signing bonuses to attract leading players away from the established tours.
Among those who joined were major champions Bryson DeChambeau, Dustin Johnson, Brooks Koepka and Phil Mickelson, triggering suspensions from the PGA Tour and a bitter legal battle over the right of players to compete independently.
The resulting divide meant many of golf's biggest names were kept apart outside the four major championships.
The conflict appeared to be nearing an end in June 2023, when the PGA Tour and PIF announced a framework agreement to form a unified commercial entity and settle their litigation. However, negotiations stalled, despite efforts involving US President Donald Trump to broker a deal.
The PGA Tour ultimately rejected a $1.5 billion investment proposal from the Saudi fund, which was conditional on LIV remaining intact and PIF governor Yasir Al Rumayyan becoming co-chair of the PGA Tour Enterprises board.
Peter Malnati, a former PGA Tour policy board player director, said LIV's financial model had ultimately proved unsustainable.
“I'm not an economics major, I'm not even business savvy ... but it didn't take too much to see that that wasn't a viable economic model,” he said.
LIV chief executive Scott O’Neil reflected on the league's impact, describing the project as “the round of a lifetime” despite its challenges.
“LIV Golf was fun, demanding, inspiring, at times challenging – but always rewarding,” he said.
