LIV Golf officially calls it quits as Saudi-backed league begins orderly wind-down of its operations

LIV Golf has officially announced plans to shutdown on Thursday.

In a press release, the golf league said that it intends to 'transition to an orderly wind-down of its operations' after failing to secure funding from BC partners.

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. The dedication of LIV Golfs 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 Leagues advisors for their work throughout this process," said Gene Davis and Jon Zinman of LIV Golf Boards Special Committee.

The league started in 2021 and hosted an annual tournament in Michigan. This year it was canceled at the last hour.

Watch our previous report on the tournament cancellation:

The company is currently in bankruptcy court and was attempting develop a new strategy to continue.

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 was fun, demanding, inspiring, at times challenging but always rewarding, said Scott ONeil, CEO of LIV Golf. 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 business plan, and built a league capable of attracting both elite and rising talent from around the world.