LIV Golf is winding down its business after spending $5 billion over five years on a project that is now in ruins, with top players having walked away from the league throughout this year.
Lawyers for LIV Golf announced in a bankruptcy court hearing that they are not proceeding with their plan for a so-called "2.0" iteration and are instead winding down the business. Monday will mark the start of the liquidation process, and its remaining assets will be sold off.
Bankruptcy Court Announcement
Matthew Williams of Gibson Dunn said on Thursday in New Jersey: "The debtors are not currently proceeding with the LIV 2.0 plan. Instead, the debtors are toggling to a value-maximizing wind-down in their business."
The announcement follows a year in which top players left the league, contributing to the collapse of the venture.
Liquidation Process
Starting Monday, the liquidation process will begin, with remaining assets to be sold. Further updates on the developing story are expected as the process unfolds.
