In short:
LIV Golf is closing down after losing the financial support it had hoped to secure from BC Partners to keep the league afloat.
asserted
it → close → league
The breakaway men's golf league lasted five years but fell into financial trouble earlier this year when Saudi Arabia withdrew its financial backing.
asserted
Arabia → last → backing
Instead of launching a new version in 2027, LIV is entering a liquidation phase.
asserted
LIV → launch → phase
LIV Golf, the breakaway rebel golf league spearheaded by Australian Greg Norman, will collapse after five years, with a bankruptcy court hearing it plans to wind down operations rather than launch a new version due to a lack of support.
asserted
it → spearhead → support
LIV Golf, which launched in June 2022 by offering nine-figure signing bonuses to lure top names away from the PGA Tour, lost Saudi Arabian funding in April after spending more than $US5 billion ($7 billion).
asserted
which → launch → billion
LIV held four events in Australia, all in Adelaide, and was scheduled to host its fifth tournament in March at Kooyonga Golf Club.
asserted
LIV → hold → Club
"The debtors are not currently proceeding with the LIV 2.0 plan," lawyer Matthew Williams of Gibson Dunn said during a hearing in New Jersey.
asserted
Williams → proceed → Jersey
"Instead, the debtors are toggling to a value-maximising wind-down in their business.
asserted
debtors → toggle → business
LIV filed for Chapter 11 bankruptcy on September 8 and thought it had a lifeline in BC Partners Credit, which pledged a $US300 million investment to pivot to a more financially sustainable "LIV 2.0".
asserted
which → file → LIV
"BC Partners Credit supported a transaction that aligned the interests of players and investors, offering a credible path toward building a sustainable future for LIV Golf," BC Partners said in a statement.
asserted
Partners → support → statement
"While there was great support for the league, we are disappointed that mutually acceptable terms could not be reached among the various stakeholders.
uncertain
terms → be → stakeholders
Instead of planning for a new version for 2027, LIV is entering a liquidation phase.
asserted
LIV → plan → phase
Rahm already agreed to forfeit all claims against LIV — said to be worth some $100 million — to get out of his contract.
uncertain
Rahm → agree → contract
He is back on the European Tour, hoping there will be a path back to the PGA Tour.
asserted
He → hop → Tour
The tour currently has a one-year ban in place for players dating back to their last LIV appearance.
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tour → have → appearance
LIV Golf paid $US15.6 million to retain seven of its executives, including $US6.375 million to chief executive Scott O'Neil, in the months between the Public Investment Fund of Saudi Arabia and LIV filing for bankruptcy.
asserted
LIV → pay → bankruptcy
Those payments are not unusual for a company trying to emerge from bankruptcy.
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payments → try → bankruptcy
The question now is whether those payments can be voided given that LIV is not going forward.
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LIV → void → ?
LIV suffered two big setbacks, both before and after filing for bankruptcy.
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LIV → suffer → bankruptcy
The Asian Tour, which received financial support from LIV for an International Series, decided in July to renew its alliance with the PGA Tour and the European Tour.
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which → receive → Tour
Then, European Tour chief executive Guy Kinnings last month said anyone signing up for LIV 2.0 need not apply for membership on the tour, which put European players at risk of having no part in the Ryder Cup.
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which → say → Cup
PIF changed its investment strategy and said it would no longer pay for LIV Golf after the 2026 season.
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it → change → season
LIV was originally run by Greg Norman, who tried unsuccessfully to start a world tour in 1994 only to have it quashed by Arnold Palmer and the PGA Tour.
asserted
it → run → Palmer
Norman had Saudi money at his disposal and promoted LIV as "Golf, but louder" with blaring music, 54-hole shotgun starts and $US25 million in prize funds — individual and team — at each event.
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Norman → have → event
But it had no broadcast deal the first year, meaning it had to cover production costs.
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it → have → costs
It got the CW Network in 2023, and eventually got Fox Sports to sign on in 2025.
asserted
Sports → get → 2025
The year began with Brooks Koepka getting out of his LIV deal with one year remaining, and the PGA Tour created a path — with financial penalties — to return.
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Tour → begin → penalties
Patrick Reed chose not to extend his deal and is now poised to return to the PGA Tour next year through his performance in Europe.
asserted
Reed → choose → Europe
Rahm had said on Tuesday he would be willing to pay the same price as Koepka, though it was unlikely that same deal would be offered.
asserted
deal → say → Koepka
LIV 2.0 was pushing player equity and prize money that was more than half the $US20 million purses for individuals when it began in 2022.
asserted
it → push → 2022
LIV's final event was in August in Indianapolis, won by Michael La Sasso.
asserted
event → win → Sasso
He failed to get through the second stage of European Tour Q-School last week.
asserted
He → fail → School
The Aporia
