Foreign‑Funded Golf Breakaway Crumbles, Investors Walk Away
LIV Golf, once buoyed by Saudi wealth, announces wind‑down after financing deals collapse and players depart.
For many voters, the rise of LIV Golf – a breakaway circuit that shook up world golf in 2022 – illustrates how foreign sovereign wealth can infiltrate national sports, with Saudi funding, including the Saudi sovereign wealth fund, backing the venture.
Critics of open‑border financing will note that Saudi funding for LIV Golf was pulled and that a last‑ditch financing deal fell apart, leaving the circuit unable to reach an agreement with a new investor on a bankruptcy reorganization.
Now LIV Golf has announced it will liquidate, saying “In light of the current circumstances, we believe shifting toward an orderly wind‑down is the most responsible path forward for the…” and remains open to any value‑maximising alternatives, even as it has lost big‑name players.
Original reporting
The Guardian
LIV Golf to liquidate after last-ditch financing rescue deal falls apart
Future had been in question after Saudi funding pulled ‘Orderly wind-down is most responsible path forward’ LIV Golf, which shook up world golf in 2022, will liquidate after losing big-name players and last-ditch financing it needed to stay alive, the breakaway circuit said on Thursday. Throughout the wind-down process, LIV Golf said it will remain open to, and continue to consider, any value-maximising alternatives with third parties that may arise. “In light of the current circumstances, we believe shifting toward an orderly wind-down is the most responsible path forward for the…
Read the original →NBC News
LIV Golf plans to shut down
LIV Golf, the breakaway golf tour backed by Saudi royalty and some of the biggest names in the game, said Thursday it planned to wind down — a stunning conclusion to an effort that had received billions of dollars in backing.
Read the original →Variety
Saudi-Backed LIV Golf, After Five Years of Trying to Challenge PGA Tour, Is Shutting Down
LIV Golf, the pro-golfing startup venture whose biggest investor had been the sovereign wealth fund of Saudi Arabia, is shutting down after it couldn’t reach an agreement with a new investor on a bankruptcy reorganization. The league was founded in 2021 by a group of pro golfers, led by Phil Mickleson and Greg Norman, who […]
Read the original →NBC News
LIV Golf plans to shut down
LIV Golf, the golf tour backed by Saudi royalty and big names in the sport, is planning to shut down. NBC News' Andrew Greif reports on the decision and what could come next for the players.
Read the original →
Facts this version was allowed to use
- LIV Golf announced on Thursday that it will liquidate.
- LIV Golf said a last-ditch financing deal it needed to stay alive fell apart.
- LIV Golf lost big-name players.
- LIV Golf is a breakaway golf circuit that shook up world golf in 2022.
- LIV Golf was backed by Saudi funding, including the sovereign wealth fund of Saudi Arabia.
- Saudi funding for LIV Golf was pulled.
- LIV Golf said: "In light of the current circumstances, we believe shifting toward an orderly wind-down is the most responsible path forward for the…"
- LIV Golf said that throughout the wind-down process it will remain open to, and continue to consider, any value-maximising alternatives with third parties that may arise.
- LIV Golf had received billions of dollars in backing, according to NBC News.
- LIV Golf was founded in 2021 by a group of pro golfers led by Phil Mickelson and Greg Norman, according to Variety.
- LIV Golf could not reach an agreement with a new investor on a bankruptcy reorganization, according to Variety.
- LIV Golf shook up world golf in 2022.
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