The league, which had been operating under Chapter 11 bankruptcy protection since September, will now transition to an orderly wind-down of its business. Attorney Matthew Williams informed the court that the organization is no longer proceeding with the "LIV 2.0" project, with the liquidation of remaining assets expected to commence on Monday.

The decision followed the withdrawal of BC Partners Credit, which had previously pledged up to $300 million to support the league's restructuring. The investment firm indicated that it could not reach mutually acceptable terms with the various stakeholders involved, citing a lack of sufficient player interest in the proposed new format.

LIV Golf CEO Scott O'Neil described the league's existence as "the round of a lifetime" in a statement following the hearing. He highlighted the circuit's efforts to engage younger audiences and build a global platform for individual and team competitions across five continents since its inception in 2021.

The league's financial future had been in jeopardy since April, when Saudi Arabia's Public Investment Fund (PIF)—which had invested an estimated $5 billion into the project—announced it would cease funding. Despite attempts to secure an independent future, the departure of high-profile players, including Jon Rahm and Sergio Garcia, proved insurmountable.

Court documents revealed that LIV Golf faces between $500 million and $1 billion in estimated liabilities to roughly 1,000 creditors. A formal disclosure statement and a comprehensive wind-down plan are scheduled to be filed with the court by 9 November, as the league remains open to any final value-maximizing alternatives.