The once free-spending, Saudi-backed league, which turned the golf world upside down by luring superstars away from the traditional PGA Tour with guaranteed contracts and monster purses, will begin liquidating its remaining assets on Monday, the court heard.
Saudi Arabia’s Public Investment Fund (PIF) had poured an estimated $5 billion (about R82.6bn) into the tour since 2022, before abruptly pulling the plug earlier this year.
LIV formally filed for bankruptcy protection in September, though officials hoped to relaunch as “LIV 2.0” next season with a shorter schedule, reduced prize money, and equity stakes in the league for players.
BC Partners Credit pledged an initial funding commitment of a potential $300 million (R4.96bn). However, several former LIV stars, including Jon Rahm, announced their decisions to withdraw from the revamped tour, and several others were believed to be undecided.
Bryson DeChambeau — arguably the breakaway circuit’s biggest name and a continuing backer of the tour — did not publicly commit to returning.
Documents from bankruptcy filings showed that LIV owes between $500m (R8.26bn) and $1bn (R16.5bn) to at least 1 000 creditors, including star players.