Due to a lack of financial support, LIV Golf is winding down operations rather than launching new versions.
Attorneys representing the organization announced the decision Thursday during a bankruptcy court hearing in New Jersey.
“Debtors are not continuing with LIV 2.0 plans at this time,” said Matthew Williams of Gibson Dunn. “Instead, debtors are moving toward value-maximizing business reductions.”
LIV Golf has spent more than $5 billion since 2022 and lost Saudi funding in April. LIV filed for bankruptcy in September. Since plans for the new version were announced, top players such as Jon Rahm and Tyrell Hatton have dropped the ball.
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The league was initially managed by Greg Norman. Months after the Iran war broke out, PIF changed its investment strategy in April and said it would no longer pay for LIV Golf after the 2026 season.
The Asian Tour has received financial support from LIV for its international series and in July decided to renew its alliance with the PGA Tour and European Tour.
As LIV attempts to emerge from bankruptcy, which it filed for on September 8, the European Tour issued an ultimatum, saying anyone signed to LIV 2.0 would not need to apply for membership in the commercially renowned DP World Tour.
This would make European players ineligible for the Ryder Cup.
Guy Kinnings, CEO of the European Tour, told LIV in an interview with The Scotsman: “But we also have to protect the Tour from an entity that, as far as we know, has spent more than $7 billion and one of its goals is to ‘destroy the DP World Tour’.”
Lahm, Sergio Garcia, Louis Oosthuizen and Tyrrell Hatton have also said they will no longer stay at LIV, while the rival league has also lost young players such as Spain’s David Puig and Northern Ireland’s Tom McKibbin.
At the beginning of the year, Brooks Koepka terminated his contract with LIV with one year left, and the PGA Tour opened a path back to play, but with financial penalties. Patrick Reed chose not to renew his contract and is now preparing to return to the PGA Tour next year through his performance in Europe.
Rahm said Tuesday that he would be willing to pay the same price as Koepka, although it’s unlikely he would be offered the same deal.
When LIV 2.0 launches in 2022, it aims to drive player equity and bonuses to more than half of the $20 million in individual bonuses. The finals of LIV were held in Indianapolis in August and were won by Michael La Sasso. He failed to pass the second stage of the European Tour Qualifying School last week.