The end of LIV Golf took just 13 minutes in a New Jersey courtroom. After five years and more than $5 billion in Saudi funding, the league’s lawyers told the bankruptcy court on Thursday that there would be no LIV Golf 2.0. The league is moving from restructuring to liquidation, with its remaining assets set to be sold off.

Naturally, the golf world has plenty to say, and Brandel Chamblee was among the first to weigh in.

“Yeah, look, I mean, you know, you can point the fingers a lot of places here, but in order for it to have gone forward, you needed some cooperation from whatever players were going to make up this LIV 2.0. The players and player representatives, from what I’ve read, were making financial demands that could not be met. You know, when you think about what the Saudis were paying these players, in essence, I’d call it hazard pay, because they knew that they were going to take on reputational damage. They knew that it was going to be disruptive. They probably also knew that it was going to be disruptive for their careers,” he said on Golf Channel.

He then turned to the equity plan at the center of the rescue effort.

“So when you start to look at the players wanting to take debt for equity, speculative ownership, they were going to have 52.5%, from what I’ve read, ownership going forward of the product. And the fact that they were unwilling to take on that ownership tells you that they didn’t even have any belief that they, as a group of players, could make this work. But again, their entitled belief is what they were.”

“It’s like they all thought that they were like beachfront property in Malibu, and the market was telling them, no, you’re timeshares in Toledo. And maybe, finally, they’ve got a slap in the face of reality.”

The Financial Times first reported on Wednesday that BC Partners was dropping its bid because LIV could not secure enough player commitments in time. Golf Channel also noted that the FT described negotiations with potential LIV 2.0 members as complicated by financial demands that could not be met immediately.

With BC Partners out, LIV attorney Matthew Williams told the court, “We believe the wind-down path is the best path.”

Chamblee’s point about ownership stems from the rescue structure itself. Under the restructuring agreement, players were to receive 52.5% of the new equity, BC Partners and its co-investors 45%, and management 2.5%. Players would receive those shares in exchange for their claims against the league. Many of the biggest names were owed money.

Filings list Jon Rahm at $7.5 million, Bryson DeChambeau at $5.7 million, and Dustin Johnson at $5.5 million. Players accounted for 14 of LIV’s top 30 creditors.

The choice, then, was between pursuing those claims and exchanging them for shares in a league without Saudi funding. Chamblee saw the players’ hesitation as a lack of faith in the product. The players’ reported position was that their financial terms had not been met.

Even the reported commitment numbers differed. ESPN’s source put the figure at around 30 players; Golf Channel’s Rex Hoggard reported 30 to 40, while The Athletic found only four who had publicly committed, none of them major names.

For now, liquidation is set to begin Monday, with the creditors committee meeting on November 20 and another hearing scheduled for November 24. Brooklyn Law School professor Jodi Balsam told Golf Channel that LIV appears to lack the assets to cover its debts, estimated at $500 million to $1 billion.

The story, however, is still developing.

The Players Who Were Ready to Back LIV 2.0

Not everyone shared Chamblee’s view of the league’s prospects. Only a handful of players publicly committed to LIV 2.0: Richard Bland, Cameron Tringale, Brendan Steele, and Ben Campbell. Victor Perez was also reported to have declared his support.

The loudest voice in support was DeChambeau. Days before the collapse, he told Raj Shamani’s “Figuring Out” podcast that the new model would work.

“The business model makes a lot of sense. And we’re actually working through that right now for this new model where it will make full financial sense. It’s no funny business, no nothing. It’s going to be done right. And this is going to be a league, hopefully, that exists forever.”

He also described a different arrangement for players than the one Chamblee criticized.

“It’s more the opposite. We’re not really getting paid, but we do have the governance, you know, control.”

That confidence was not enough. SBJ’s Josh Carpenter reported that none of the big names had signed, listing DeChambeau, Johnson, Cameron Smith, and Joaquin Niemann. Golf Channel’s Rex Hoggard, however, reported that LIV had support from 30 to 40 players, including DeChambeau.

No player has publicly responded to the shutdown yet, and DeChambeau’s next move remains the biggest open question.