American billionaire Tiger Woods' $700 million LIV snub pays off as league liquidates

LIV Golf, the breakaway tour that tried to lure American billionaire Tiger Woods with an offer of $700 million to $800 million, has filed a plan to liquidate, ending a four-year run financed by Saudi Arabia's Public Investment Fund.

The league filed a Chapter 11 plan with a bankruptcy court in New Jersey on Nov. 10 that provides for an orderly wind-down of its operations. A hearing on Nov. 24 would conditionally approve the disclosure statement, and a final hearing is proposed for Jan. 7, after which the liquidation would begin. A wind-down trust would pay creditors, settle legal claims and handle the league's remaining financial affairs.

The PIF put about $5 billion of equity into LIV, which ran at a loss and was years away from turning a profit. The fund said a change in strategy meant it would no longer pay for the league after the 2026 season, and LIV filed for bankruptcy protection on Sept. 8.

LIV had hoped to survive as a smaller league in 2027. BC Partners Credit pledged $300 million under a restructuring agreement for what the company called "LIV 2.0," but the plan did not win enough backing from players, and BC Partners later terminated the agreement.

"No viable restructuring transaction remains available due to lack of player participation," LIV said in its filing.

About a week before the September filing, LIV laid off 289 employees and furloughed 22 others. About a month before the filing, it had finished paying $15.6 million in retention bonuses to seven executives, which it said were essential to completing the 2026 season and planning a restructuring.

A judge last week approved Jon Rahm's separation from the league. The Spanish former Masters champion reportedly gave up $100 million he was still owed under the deal that took him to LIV at the end of 2023. Rahm also won in Abu Dhabi last week, his first regular European Tour title since 2022.

LIV players remain banned from the PGA Tour, which has not set out a path back and is unlikely to do so before the bankruptcy case ends. Some hold European Tour membership or may seek sponsor exemptions, though those do not cover the strongest events.

Greg Norman, LIV's first chief executive, said in 2022 that Woods had turned down an offer of around $700 million to $800 million to join the league before its launch. Woods stayed with the PGA Tour and later joined its policy board as a player director.

Woods, a 15-time major champion, built his fortune from tournament winnings, a 27-year endorsement deal with Nike that ended in 2024, and businesses that include golf course design and the TGL indoor golf league he co-founded with Rory McIlroy. Forbes counted him as a billionaire in 2022.