LIV Golf, which shook up the golf world backed by Saudi Arabian financial power, is coming to an end after five years.

LIV Golf announced through its website on November 6 (KST) that it "plans to begin the process of winding down its business in an orderly manner," adding, "We attempted to pursue a new business model through Chapter 11 bankruptcy reorganization in the U.S., but failed to reach a final agreement with investors."

Scott O'Neil, CEO of LIV Golf, said in a farewell message, "Our efforts to attract young and diverse fans around the world were an unforgettable experience," adding, "LIV Golf has been an enjoyable and challenging journey, and above all, rewarding."

Earlier in the day, LIV Golf's legal counsel announced during a hearing at the U.S. Bankruptcy Court in Trenton, New Jersey, that the business would be wound down.

Attorney Matthew Williams said, "The debtors are no longer pursuing the new business model plan known as 'LIV 2.0,'" and added, "Despite everyone's best efforts, we were unable to secure financial backing and player support."

"We are entering the process of winding down the business," he said.

Launched in 2022 with massive financial support from Saudi Arabia's Public Investment Fund (PIF), LIV Golf emerged as a new golf tour challenging the established PGA Tour.

At the time, it caused massive shockwaves in the golf world by recruiting world-class players with astronomical signing bonuses.

A host of star players joined LIV Golf, including Bryson DeChambeau, Dustin Johnson (both of the United States), and Jon Rahm (Spain).

However, the tour faced a crisis when the PIF, which had invested more than $5 billion (approx. 6.8 trillion KRW) over the years, halted its financial support citing changes in the international geopolitical landscape.

LIV Golf pursued a relaunch with investment from private equity firm BC Partners.

However, after failing to secure the participation of key players such as Jon Rahm and Sergio Garcia (Spain), BC Partners withdrew its investment plan.

Having failed to secure financial backing and player commitments, LIV Golf ultimately chose to shut down rather than relaunch.

(Photo: AP, Yonhap News)