Launched five years ago, LIV Golf was backed by Saudi’s Public Investment Fund (PIF) and lured in top players with lucrative bonuses|@livgolf_league|X
Saudi Arabia-backed LIV Golf is shutting down and not creating a new version because of a lack of funds and support, it announced at a bankruptcy court hearing on Thursday.
Founded in 2022, LIV Golf entered the professional men's golf scene with backing from Saudi Arabia's Public Investment Fund (PIF). The league attracted several top players with massive financial offers and aimed to challenge the established PGA Tour.
However, its future took a hit in April when PIF withdrew its financial support after investing more than $5 billion in the league. LIV subsequently filed for Chapter 11 bankruptcy protection in September.
The league's struggles also prompted several high-profile players to reconsider their futures. Jon Rahm reportedly gave up an estimated $100 million claim to exit his contract. Meanwhile, players like Brooks Koepka have already negotiated returns to the PGA Tour by agreeing to financial penalties.