LIV Golf has confirmed its plans to wind down due to a lack of financial support.
A lawyer representing the breakaway tour announced the decision at a bankruptcy court hearing in New Jersey.
Matthew Williams of Gibson Dunn said: “The debtors are not currently proceeding with the LIV 2.0 plan.
“Instead, the debtors are toggling to a value-maximising wind-down in their business.”
The hearing only lasted 13 minutes, as LIV’s lawyers announced formal plans to liquidate.
The breakaway tour lost its main investment driver, the Saudi Public Investment Fund, which stepped away in April, as LIV pledged to establish its 2.0 tour.
BC Partners pledged to invest $300million (£222.5m) in the organisation through a Chapter 11 restructuring, but pulled its plans this week.
It is understood more than 30 players had agreed to continue with LIV 2.0, but 10 were still weighing up their options, according to The Athletic.
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LIV released a statement, reading: “Since April 2026, the league’s leadership team, with the support of its independent directors and advisors, has run a disciplined and thorough process to identify the best, value-maximising path forward for the company and its stakeholders.
“Despite extensive discussions, the relevant parties were ultimately unable to reach a consensual resolution of certain outstanding terms of the transaction contemplated by the Restructuring Support Agreement (RSA).
“As a result, the RSA has been terminated, and the transaction is not expected to move forward at this time.”
The breakaway tour had already lost several of its key stars, including Jon Rahm and Tyrell Hatton.
Former Masters champion Sergio Garcia, British star Ian Poulter, and South Africa’s Louis Oosthuizen also said they intended to leave the tour.
Questions are now being raised about the future of the remaining players on the LIV tour, including poster boy Bryson DeChambeau.
The Americans’ rival, Rory McIlroy, yesterday claimed LIV’s aim was “to destroy the European Tour”.
He told The Scotsman he agreed with DP World Tour CEO Guy Kinnings’ verdict about LIV’s intentions, saying: “They took players; they took sponsors; they turned professional golf into an arms race. They were going around Augusta saying they wanted to destroy the European Tour.”
“It was always going to be good for a few years until something like this happened, or they realised they weren’t going to get any return on investment, or they were going to leave the golf space and go invest in something else and invest in something that would actually make them money.”
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