LIV Golf collapses after spending $7 billion in five years
LIV Golf, the Saudi-backed rebel league, is liquidating after five years and $7 billion spent, losing financial support.
LIV Golf, the breakaway men's league launched in 2022, is winding down instead of starting a new version. The league lost Saudi Arabian funding in April after spending more than $7 billion.
A lawyer for LIV told a New Jersey bankruptcy court the league is shutting down rather than continuing. LIV held four tournaments in Adelaide and had planned a fifth at Kooyonga Golf Club in March.
The league, led by Australian Greg Norman, offered signing bonuses of hundreds of millions to top players like Jon Rahm. Financial trouble came when Saudi backers withdrew.
BC Partners Credit offered a $300 million lifeline but could not agree with players and investors on terms.
- 7 billion dollars
- Spending over five years
- June 2022
- League launch date
- 300 million dollars
- BC Partners restructuring offer
- 100 million dollars
- Rahm's forfeited claims
Why it mattersThe collapse ends a bold but financially unsustainable experiment in professional golf and leaves players and investors with significant losses.
AustraliaAdelaide hosted four LIV events and would have hosted a fifth, adding tourism and media revenue. The closure removes future golf tournaments from Australia unless a new operator takes interest.
✓ Claims checked against the source. checked 2 h ago
