LIV Golf to shutter the league after failing to get support - ESPN

Five years since its controversial incursion into the professional golf world and with more than $5 billion having been spent, LIV Golf is done and will shutter the league.

A LIV Golf attorney told a U.S. Bankruptcy Court judge that the league couldn't get the necessary financial commitment and player support to proceed with LIV 2.0 and that the company will wind down operations.

Attorney Matthew Williams told U.S. Bankruptcy Court Judge Michael B. Kaplan that the league would file a new Chapter 11 bankruptcy plan Monday.

«The debtors were ultimately unable to bring the key parties to a fully consensual arrangement that would have supported a financially viable LIV 2.0 league,» Williams said during Thursday's hearing. «As a result, the debtors are not currently proceeding with the LIV 2.0 plan. Instead, the debtors are toggling to a value-maximizing wind-down of their business.»

LIV Golf said it would remain open to, and continue to consider, any value-maximizing alternatives with third parties that might arise throughout the wind-down process.

«Building a global platform designed to bring new, younger, and more diverse fans to the sport of golf has been the round of a lifetime for all of us,» LIV Golf CEO Scott O'Neil said in a statement Thursday. «LIV Golf was fun, demanding, inspiring, at times challenging — but always rewarding.

»Together, our team delivered world-class individual and team competitions across five continents, built a global business, secured pathways to The Open and U.S. Open, earned Official World Golf Ranking points, engaged with stakeholders focused on the health and future of the game, created value in our teams, attracted premier sponsors, brought investors to the table around a next-generation