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By Jon Paul Hoornstra
Contributing Sports Writer
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LIV Golf's attempt to rival the PGA Tour is officially coming to an end.
After five years and billions of dollars in expenditures, an attorney for LIV Golf announced in a 13-minute bankruptcy hearing Thursday, Nov. 5 that the circuit was planning to wind down operations.
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The decision comes one day after reports surfaced that the private equity firm BC Partners, which had previously committed upwards of $300 million to keep LIV Golf afloat, was backing out out the deal.
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The Saudi Arabia Public Investment Fund launched the league in 2022 with ambitions of supplanting the PGA Tour. Once the PIF decided to no longer finance the upstart league in April, the clock was ticking on its board to find new sponsors.
"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 Golf board members Gene Davis and Jon Zinman said in a statement Thursday. "The dedication of LIV Golf’s players, employees, partners, and fans made everything the League accomplished possible, and we thank BC Partners Credit for its considerable time and effort, the Public Investment Fund of Saudi Arabia (“PIF”) for its partnership, and the League’s advisors for their work throughout this process."
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According to GolfWeek, the bankruptcy hearing Thursday in New Jersey lasted all of 13 minutes.
LIV Golf managed to attract several big names — Phil Mickelson, Brooks Koepka, Dustin Johnson, Bryson DeChambeau, Sergio Garcia, Jon Rahm — from its first event in June 2022 to its last in September.
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But with the tour's financial future uncertain, securing commitments from players for 2027 proved challenging.
"BC Partners Credit supported a transaction that aligned the interests of players and investors, offering a credible path toward building a sustainable future for LIV Golf," BC Partners said in a statement. "While there was great support for the league, we are disappointed that mutually acceptable terms could not be reached among the various stakeholders.
"We commend LIV Golf's management for their tireless efforts and thank the players who supported the future of LIV and engaged constructively throughout. We wish them every success as they continue their careers."
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