LIV Golf confirms plan to end operations
LIV Golf, which launched in 2022 as a buzzed-about rival to the PGA Tour, plans to end its operations, the league announced Thursday.
"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," LIV Golf board members Gene Davis and Jon Zinman said in a statement Thursday.
LIV Golf has recently faced mounting issues, including financial losses and departing players.
In April, Saudi Arabia's Public Investment Fund announced it would no longer fund LIV Golf after the 2026 season.
The league responded by appointing a new board, led by Davis and Zinman, to "guide the league through its next phase."
Several months later, in September, the league voluntarily filed for Chapter 11 bankruptcy protection, noting in court filings it had between $100 million and $500 million in assets and $500 million to $1 billion in liabilities, according to ESPN, citing court records filed by the league.
In its statement Thursday, LIV Golf said it had reached a restructuring support agreement with an investment firm but said the transaction was not moving forward after the "relevant parties were ultimately unable to reach a consensual resolution of certain outstanding terms."
As a result, the league is transitioning to what it described as an "orderly wind-down of its operations."
"The wind-down is consistent with the Court-approved timeline for these chapter 11 cases, which was structured from the outset to provide for an orderly wind-down if an acceptable reorganization transaction could not be reached," the league said in a statement. "Throughout the wind-down process, the Company will remain open to, and continue to consider, any value-maximizing alternatives with third parties that may arise."
When LIV Golf was founded in 2021 – followed by its first tournament in June 2022 -- the league drew controversy and criticism from golf fans and players alike for luring away top PGA stars, including Phil Mickelson and Bryson DeChambeau.
Initially, LIV Golf events featured a three-day, 54-hole competition, with the majority played Friday through Sunday, but expanded this year to 72 holes over four days.
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