LIV Golf shuts down and sells off its assets

The lawyers for LIV Golf, the fledgling league supported by Saudi Arabia’s Public Investment Fund. That became a rival to the PGA Tour, announced in bankruptcy court on Thursday that the league is closing. Five years after attracting elite players with multimillion-dollar contracts, the company intends to wind down operations and liquidate its assets.

The lawyers for LIV Golf declared in a news release that the company would stop its Chapter 11. Restructuring efforts and start the process of closing down its operations.

The league declared during a bankruptcy court hearing on Thursday that it will start selling assets. Including as trademarks and real estate, and use the money to settle its debts.

The announcement followed the failure of a $300 million investment deal with British private equity firm BC Partners to rebuild the business on Wednesday, according to ESPN. Since insufficient professional golfers signed up for «LIV 2.0.»

LIV said in a statement on Thursday that it was unable to come to a «consensual resolution of certain outstanding parameters» despite having «extensive negotiations» with BC Partners over a recapitalization plan.

$5 billion. According to reports, the Public Investment Fund of Saudi Arabia paid that much in total for LIV Golf.