LIV Golf will wind down after lawyers abandon LIV 2.0 in bankruptcy court

LIV Golf is shutting down. In a 13-minute Chapter 11 hearing Thursday morning in New Jersey, attorney Matthew Williams of Gibson Dunn told Judge Michael B. Kaplan the league is dropping its LIV 2.0 relaunch and moving to a value-maximizing wind-down.

"The debtors are not currently proceeding with the LIV 2.0 plan," Williams said, according to Front Office Sports, the Associated Press and ESPN. "Instead, the debtors are toggling to a value-maximizing wind-down in their business."

What the court heard

Williams said LIV, BC Partners, the Saudi Public Investment Fund, players and the creditors committee negotiated for weeks and still could not lock in enough money and player commitments for a viable 2027 league. On the current facts, LIV's strategic initiatives committee decided a wind-down is the likeliest way to maximize value for creditors. The league plans to file a new Chapter 11 plan implementing that path by Monday. The creditors committee meets Nov. 20, and another hearing is set for Nov. 24.

LIV and BC Partners confirm it

LIV followed the hearing with an official release: the restructuring support agreement with BC Partners Credit is terminated, the recapitalization is not expected to move forward, and the company intends an orderly wind-down. Board special committee members Gene Davis and Jon Zinman called that "the most responsible path forward for the League at this time." CEO Scott O'Neil thanked players, partners and the PIF in a lengthy statement and said the company will still consider third-party alternatives during the wind-down.

A BC Partners spokesperson told Front Office Sports the firm "supported a transaction that aligned the interests of players and investors" and that it remains open to future opportunities if circumstances change. BC had walked off its proposed $300 million post-bankruptcy financing on Wednesday after star players did not sign; Thursday's hearing made the league's next step official.

Why it matters for sim golfers

LIV's five-year run spent more than $5 billion, per ESPN and FOS, and pushed team golf, short formats and louder broadcasts into the mainstream conversation that TGL and WTGL now occupy on a simulator screen. With LIV folding, the players who stayed through 2026 become free agents looking for PGA Tour, DP World Tour or other homes, while the indoor leagues keep the team product that LIV helped popularize.

What to watch

Monday's Chapter 11 filing will show how LIV plans to handle remaining player contracts, vendors and assets. Until then, the hard fact from Thursday is that LIV 2.0 is off and the wind-down has started.