LIV Golf is shutting down with millions in debt and following the withdrawal of its main investor

The leaders of LIV Golf ruled out a relaunch following the withdrawal of its main investor and announced the demise of a professional golf tour that had come to rival the PGA Tour while it was promoted by Saudi Arabian public authorities, featuring top players and high-stakes tournaments.

Shortly after BC Partners Credit—the main promoter of LIV Golf's relaunch—reported that it was backing out of its plan, the circuit's leadership announced that it would not move forward with its plans.

In a statement reported by AFP, LIV Golf simply stated that attempts to implement its Restructuring Support Agreement (RSA) with BC Partners Credit had failed.

"Despite extensive discussions, the parties involved ultimately were unable to reach a agreed-upon resolution regarding certain outstanding terms of the Transaction contemplated by the RSA," said LIV Golf.

"In light of the current circumstances, we believe that moving toward an orderly liquidation is the most responsible path for the tour at this time," it added.

The once-powerful Saudi-backed tour, which had turned the golf world upside down by luring superstars away from the traditional PGA Tour, will begin liquidating its remaining assets on Monday.

Earlier this year, Saudi Arabia's Public Investment Fund (PIF) abruptly cut off investment in the circuit, estimated at about $5 billion since 2022.

In September, LIV Golf filed for bankruptcy protection, while its executives pledged to relaunch the competition next season—a "LIV 2.0"—with a shorter schedule, reduced prize pools, and equity stakes in the league for the players.

To that end, its new lead investor, BC Partners Credit, was expected to provide initial financing of up to $300 million.

In recent weeks, however, some of the biggest names on the dissident tour, such as Spain's Jon Rahm, have publicly announced their desire to disassociate themselves from it.

The American Bryson DeChambeau, the other big name remaining with LIV Golf, also did not publicly commit to staying.