LIV Golf had money, star players, and an ambitious plan to change professional golf. Backed by billions from Saudi Arabia’s Public Investment Fund (PIF), it challenged the established golf system with huge player contracts, a team-based format, and promises of a fresh experience for fans. Yet, despite having almost everything money could buy, the league is now heading towards liquidation after just five years.

The warning signs appeared long before the final announcement. LIV struggled to attract large audiences on American television. It also failed to build enough commercial value and remained heavily dependent on money from Saudi Arabia. Its final attempt to find a new investor also failed after BC Partners Credit could not reach an agreement with the players.

Now, LIV is preparing to sell its remaining assets. This raises a big question: How did a league that spent an estimated $5 billion fail to build a business that could survive on its own?

The $5 Billion Experiment: Where Did the Money Go?

LIV Golf did not enter the golf world quietly. It launched in 2022 with one big goal. The goal was to challenge the existing golf system. And it used money as its biggest weapon.

The league offered huge signing bonuses to convince some of the best players in the world to leave the PGA Tour and join its new competition.

According to Forbes, LIV spent at least $1.6 billion on guaranteed player contracts. Jon Rahm reportedly received more than $300 million. Phil Mickelson’s deal was worth around $200 million, while Bryson DeChambeau reportedly signed a $125 million contract.

But player contracts were only one part of the spending.

LIV spent another estimated $1.36 billion on prize money and championship bonuses. It also spent around $2 billion on tournament operations, TV production, concerts, staff salaries, and other expenses, according to The Athletic.

Court filings reported by Octus separately showed that PIF-controlled companies had invested around $5 billion in LIV through equity funding. 

Despite spending billions, LIV failed to build a business that could earn enough money to cover its expenses. It had the money to attract the biggest stars, but it could not turn those stars into a strong commercial product.

The Star Power Trap: Big Names, But Not Enough Viewers

LIV achieved one of its biggest early goals. It managed to bring some of golf’s most famous players into its league.

Phil Mickelson, Dustin Johnson, Bryson DeChambeau and Brooks Koepka gave LIV instant attention. Later, Jon Rahm’s arrival added another major name to its player list.

However, signing famous golfers did not mean their fans would automatically follow them to a new league.

This became clear when LIV started competing for American TV audiences.

According to The Washington Post, LIV’s Miami event in April 2025 averaged 484,000 viewers during its final round on Fox. On the same Sunday, the PGA Tour’s Texas Open attracted more than 1.75 million viewers on NBC.

LIV had the biggest names in golf, but that did not bring the viewers it expected. Even after securing a major TV deal with Fox, the league struggled to attract American audiences. Its earlier broadcasts on the CW Network had faced the same problem. The idea was simple: big stars would bring big audiences. But fans never showed enough interest to make that plan work.

The Sponsorship Problem: Revenue Could Not Match the Spending

LIV also needed sponsors to reduce its dependence on money from Saudi Arabia. It wanted brands to become a major part of its business. However, building a strong sponsorship business was not easy.

During its early years, LIV struggled to attract commercial partners. Its connection with Saudi Arabia also raised concerns among some brands. However, this was not the only reason why the league found it difficult to grow its commercial business.

To be fair, LIV did make some progress.

Sports Business Journal reported in February 2026 that the league increased its number of sponsors from 11 in 2024 to 20 in 2025. Team sponsors also increased from 9 to 50. LIV executives said the league had earned more than $500 million in total sponsorship revenue.

But even this growth could not solve its bigger financial problems.

According to Octus’ reporting on bankruptcy filings, sponsorships provided around 49% of LIV’s revenue in 2025. Hosting fees brought in 22%, while ticket sales and hospitality contributed 16%. Broadcasting rights and merchandise each provided 5%. Other sources made up the remaining 3%.

These numbers showed that LIV had started building a commercial business. However, its expenses were still far too high.

In February 2026, LIV Golf CEO Scott O’Neil had said that it would “take another five to 10 years” for the league to “become profitable,” according to Robert Orr of the Financial Times.

That was already a long wait. But things became even more difficult when LIV’s biggest financial backer decided to stop funding the league.

The Investor Exit That Changed Everything

April 2026 became a major turning point for LIV Golf. Saudi Arabia’s PIF announced that it would stop providing further equity funding to the league after the 2026 season.

This was a huge problem for LIV. The league had built almost its entire business around Saudi money. It needed billions of dollars to pay players, organise tournaments and manage its operations.

Without PIF’s support, LIV needed another investor who was ready to take on the same financial burden.

BC Partners Credit appeared to offer a possible way forward. The firm proposed $300 million in financial support through a Chapter 11 restructuring. This could have given LIV another chance to continue under a new business model.

But the proposal came with a major change.

Instead of receiving huge guaranteed contracts, players would get ownership shares in the reorganised league. They would also have a bigger role in its future success.

However, not every player supported this plan.

More than 30 players reportedly agreed to continue with the 2027 project. But several big names were not convinced. Jon Rahm, Tyrrell Hatton, Sergio Garcia and Louis Oosthuizen were among the players who indicated that they would not continue. Brooks Koepka had also returned to the PGA Tour.

BC Partners eventually pulled out of the deal. This left LIV without another investor or a workable plan to save the league.

On November 5, its lawyers told a New Jersey bankruptcy court that LIV would now move towards an orderly wind-down.

This changed everything. LIV was no longer trying to save its business. Instead, it was preparing to sell its remaining assets and pay its creditors.

The Franchise Model Wasn’t Enough

LIV did not want to become just another golf tournament series. It also wanted to build a team-based business that could compete with major sports leagues.

Its team format was an important part of that plan. The league wanted every team to develop its own identity, attract sponsors and build a loyal fanbase.

The financial ambition was huge. In January 2026, Front Office Sports reported that LIV executives hoped to build 13 teams.

“Our goal is to build 13 billion-dollar franchises,” LIV head of team business operations Katie O’Reilly said. “That is our goal. Are we there yet? No. But right now we are building the foundation for that.”

The ownership structure also gave team captains a 25% stake in their teams. LIV held the remaining 75%.

However, LIV faced one major problem. No team had sold an ownership stake to an outside investor, and the league had not shared any official team valuations. A famous captain, a strong team identity, and major sponsors were not enough to make its franchises worth billions. LIV needed steady revenue, outside investment and loyal fans. Without these, its billion-dollar team valuations remained only a target, not a proven reality.

What Happens to Golf After LIV?

LIV’s collapse could give the PGA Tour a stronger position in professional golf.

Several big names have already looked at their options, while Brooks Koepka has secured his return through the PGA Tour’s Returning Member Program.

Jon Rahm has also reportedly given up claims against LIV worth around $100 million as he looks to leave his contract. He has returned to competing on the European Tour and hopes to rejoin the PGA Tour.

However, not every player regrets joining LIV.

Bryson DeChambeau has defended his four years with the league. 

“I’m not going to rewrite the last four years. I made a decision I believed in, and I’m grateful for what came with it: playing in front of fans new and old around the world who rarely got to see the best players at home,” wrote DeChambeau after LIV Golf revealed plans. 

Bryson does not regret his decision and remains thankful for the opportunity to reach new fans.

DeChambeau’s comments show that players have different views about their time with LIV. While some may see its collapse as a setback, others still value the opportunities it gave them.

There is also uncertainty about what comes next. According to the Financial Times, BC Partners could explore a new tournament series. However, any new league would need a stronger financial plan. Spending billions to sign famous players would not be enough.

LIV changed professional golf by challenging established tours, attracting major stars and introducing new formats. But it failed to turn that attention into a sustainable business. Its biggest strength became its biggest weakness. It had enough money to challenge golf’s traditional system, but it never built a business that could survive without Saudi funding.

Was LIV Golf simply too expensive to succeed? Or did it underestimate how difficult it would be to change the way fans watch professional golf?

What are your thoughts? Let us know in the comments.