LIV Golf is headed toward bankruptcy barring a last-minute rescue

LIV Golf, the breakaway golf tour backed by Saudi royalty and some of the biggest names in the game, indicated Thursday it planned for bankruptcy — a stunning conclusion to an effort that had received billions of dollars in backing.

Documents filed in New Jersey Bankruptcy Court showed LIV planned to shut down operations as it seeks relief from creditors. It was not immediately clear how much it owed. Saudi Arabia’s Public Investment Fund has invested more than $5 billion in the company since 2022.

Formed in 2021 by a group of golfers led by Phil Mickleson and Greg Norman who expressed dissatisfaction with the long-running PGA Tour, LIV attracted numerous bold-faced names including Jon Rahm, Bryson DeChambeau and Dustin Johnson with millions in guaranteed payouts.

Its creation set off a quasi-civil war of sorts in the game between LIV players and others committed to sticking with the PGA, whose tournaments were seen as more competitive. By contrast, LIV’s events were accused of lacking drama because players’ payouts were guaranteed.

While LIV tournaments attracted healthy audiences overseas, they failed to land a long-term TV partner in the U.S., crippling its visibility and revenue streams.

Multiple outlets reported earlier this week that LIV had sought a last-minute investment with a large private equity group, only to see the deal fall apart. Sports media outlet The Athletic reported the group, BC Partners, did not receive enough commitments from golfers interested in reviving the tour, which had seen multiple events canceled this year, including a team championship.