LIV Golf is headed toward bankruptcy barring a last-minute rescue

LIV Golf, the breakaway golf tour backed by Saudi royalty and some of the biggest names in the game, said Thursday it planned to wind down — a stunning conclusion to an effort that had received billions of dollars in backing.In a statement, LIV said discussions with financial backer BC Partners had failed to produce an agreement to keep the league going.“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 said in the statement. Formed in 2021 by a group of golfers led by Phil Mickleson and Greg Norman who expressed dissatisfaction with the long-running PGA Tour, LIV attracted numerous bold-faced names including Jon Rahm, Bryson DeChambeau and Dustin Johnson with millions in guaranteed payouts. Since 2022, Saudi Arabia’s Public Investment Fund, the league’s primary backer, has invested more than $5 billion.Greg Norman talks to Dustin Johnson during the LIV London Draft in 2022. Tristan Fewings / LIV Golf via GettyIts creation set off a civil war of sorts in the game between LIV players and others committed to sticking with the PGA, whose tournaments were seen as more competitive. By contrast, LIV’s events were accused of lacking drama because players’ payouts were guaranteed. While LIV tournaments attracted healthy audiences overseas, they failed to land a long-term TV partner in the U.S., crippling its visibility and revenue streams. An earlier hearing in New Jersey Bankruptcy Court indicated LIV planned to shut down operations as it sought relief from creditors. It was not immediately clear how much it owed. The Financial Times reported earlier this week that LIV had sought a last-minute investment with a large private equity group, only to see the deal fall apart. Sports media outlet The Athletic reported the group, BC Partners, did not receive enough commitments from golfers interested in reviving the tour, which had seen multiple events canceled this year, including a team championship.