LIV Golf enters history 5 years after its launch... “Business Ended”

LIV Golf, which shook up the golf world with Saudi Arabia's financial power, has come to an end after five years.

LIV Golf announced on its website on the 6th (Korean time), "We plan to begin procedures for orderly termination of the business," and "We attempted to launch a new business model through rehabilitation procedures under Article 11 of the U.S. Bankruptcy Act, but were unable to reach a final agreement with investors."

Scott O'Neill, Chief Executive Officer of LIV Golf, said his farewell, saying, "It was an unforgettable experience trying to attract young and diverse fans from around the world. LIV Golf was a fun and challenging journey, and most of all, it was rewarding."

Previously, LIV Golf's legal representative announced that it had decided to liquidate the business at a hearing held today at the Bankruptcy Court in Trenton, New Jersey.

Attorney Matthew Williams said, "The debtors are currently no longer pursuing the 'LIV 2.0' plan, a new business model," and added, "Everyone did their best, but they were unable to secure financial support and the support of players. We are entering the process of liquidating the business."

LIV Golf was launched in 2022 as a new golf tour competing with the existing Professional Golf Association of America (PGA) tour, backed by massive financial support from Saudi Arabia's sovereign wealth fund (PIF).

At the time, it caused a stir in the golf world by recruiting world-class players with huge contract fees.

Many star players, including Bryson DeChambeau, Dustin Johnson (USA), and Yon Lam (Spain), have joined LIV Golf.

However, PIF, which had invested more than $5 billion (approximately KRW 6.8 trillion), faced a crisis when it suspended financial support due to changes in the international situation.

LIV Golf pursued a relaunch with investment from private equity fund management firm BC Partners.

However, BC Partners withdrew its investment plan as it failed to attract the participation of key players such as John Lam and Sergio Garcia (Spain).

LIV Golf, which failed to secure financial support and players, ultimately chose to close its business instead of relaunching.