After pouring in 6.8 trillion won, LIV Golf, which thrived on money, is ultimately heading toward operational suspension... "Restructuring process underway"

*This content was translated by AI.View Original

LIV Golf, which shook up the world of golf by leveraging the formidable financial power of Saudi Arabia's Public Investment Fund (PIF), has ultimately decided to cease operations.

On the 6th (Korean time), LIV Golf announced on its official website that "LIV Golf is undergoing a restructuring process under court supervision" and stated, "LIV Golf Inc. and its affiliates plan to transition to a phase of orderly winding down of business operations."

Although LIV Golf had recruited top-tier players based on its enormous financial resources, it will ultimately close its doors just four years after its launch.

In 2022, the league backed by PIF signed Bryson DeChambeau, Jon Rahm, Dustin Johnson, and Brooks Koepka. This was possible because they offered prize money that was immense even when compared to the Professional Golfers' Association (PGA) Tour.

In this process, LIV Golf constantly clashed with the PGA Tour. Some golfers also criticized players who transferred to LIV Golf.

Ahn Byung-hun, Song Young-han, Kim Min-kyu, and Moon Do-yeop also moved their stage to LIV Golf and played as members of the Korean Golf Club.

The problem began this season. PIF, which had invested a massive sum of $5 billion (approximately 6.806 trillion won) over five years, has faced financial pressure this year due to the aftermath of the Iran-U.S. war and ultimately had no choice but to comprehensively reconsider its investment in LIV Golf.

Of course, it could not be evaluated as an organization that relied solely on money. LIV Golf created a new golf culture and attracted young golf fans. Several tournaments were held domestically, and it was assessed that vitality returned to the previously quiet golf courses.

However, ultimately, the core issue was money. LIV Golf, which had poached players with money, could not avoid collapsing once its funding source was cut off.

LIV Golf, which entered rehabilitation proceedings, ultimately sought a revival for next year by joining hands with new partners. However, when star players such as Jon Rahm explored returning to the PGA Tour and declared their non-participation, investors also moved to withdraw their investments. Ultimately, LIV Golf had no choice but to give up on rehabilitation and decide to cease operations.

Jin Davis and John Jinman, special committee members of the LIV Golf board of directors, explained, "Scott O'Neil (LIV Golf CEO) and his leadership team presented several reliable options in the process of advancing complex transactions to secure the future of the league through a systematic procedure," while adding, "Considering the current situation, we believe that transitioning to an orderly dissolution is currently the most responsible path for the league."

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*This content was translated by AI.View Original