LIV Golf, the Saudi-backed breakaway league, announces shutdown after five years
The gist
LIV Golf announced it is shutting down after five years, with liquidation set to begin Monday.
Its backer pulled out, ending a $5 billion Saudi-funded challenge to the PGA Tour.
How it unfolded
- 2021 -10LIV Golf is founded; the league launches in June 2022 with PIF as its primary funding source.
- 2026 -02The league has accumulated more than $5 billion in losses since founding.
- 2026 -04PIF pulls out, redirecting money toward domestic projects amid financial pressure from the regional war with Iran; PIF governor Yasir Al-Rumayyan resigns from LIV's board.
Key terms
- PGA Tour
- An organizer of professional golf tournaments in North America, also the name of its flagship annual series.
- Chapter 11
- A section of the U.S. Bankruptcy Code that permits businesses and individuals to reorganize rather than liquidate.
- liquidation
- The legal process of ending a company and distributing its assets to claimants.
Source: Wikipedia