LIV Golf says it will shift toward an orderly wind-down after a proposed financing deal with BC Partners failed, placing the future of the Saudi-backed circuit in doubt. The league has said it will still consider third-party offers that could produce more value from its assets, so the process is not yet a completed liquidation.

The decision follows the end of funding from Saudi Arabia’s Public Investment Fund after the 2026 season. LIV had sought a reported $300 million financing package to keep tournaments going in 2027, but the proposal depended on support from enough players and investors. The parties were unable to agree on terms, according to statements reported by Reuters and The Associated Press.

LIV launched in 2022 with large contracts and a team format, challenging the PGA Tour and reshaping professional golf. Its arrival prompted player suspensions, legal disputes and efforts to negotiate a broader agreement between golf’s major tours. The league filed for Chapter 11 bankruptcy protection in September as it tried to restructure.

The wind-down leaves players and tournament staff facing uncertainty about contracts and future opportunities. Reuters reported that golfers may seek places on other tours, though existing contract obligations could still be disputed. The PGA Tour has said players must be out of LIV contracts before it will discuss their return.

LIV’s board described an orderly wind-down as the most responsible course under current circumstances, while keeping the door open to other proposals. The bankruptcy process will determine how the league’s remaining business and assets are handled.

Sources: Associated Press; Reuters; LIV Golf statement.