LIV confirms intention to wind down after five years

LIV Golf has confirmed its intention to wind down operations because of a lack of financial support.

The controversial league, previously funded by Saudi Arabia's Public Investment Fund (PIF), had hoped to continue in a new form, dubbed LIV 2.0, under new investors.

But LIV's lawyer Matt Williams said on Thursday that they are "not currently proceeding" with LIV 2.0 and are "toggling to a value-maximising wind-down of their business."

That development was triggered by their investors, the credit division of investment firm BC Partners, pulling out on Wednesday - primarily because not enough players had signed up.

LIV said it will continue to consider and remain open to alternatives during that process.