LIV Golf is finished.

Five years after the league crashed into professional golf, with more than $5 billion spent, a LIV attorney told a U.S. bankruptcy judge Thursday that the company could not get the money or the player commitments it needed for a LIV 2.0 season. It will wind the business down.

Attorney Matthew Williams told Judge Michael B. Kaplan that the league will file a new Chapter 11 plan Monday. "The debtors were ultimately unable to bring the key parties to a fully consensual arrangement that would have supported a financially viable LIV 2.0 league," Williams said. "As a result, the debtors are not currently proceeding with the LIV 2.0 plan. Instead, the debtors are toggling to a value-maximizing wind-down of their business."

The money and the stars walked away

Williams said the call to close was not made until Thursday morning. On Wednesday, BC Partners decided not to put $300 million into LIV 2.0 after it could not reach terms with the other key parties. The firm had planned to replace Saudi Arabia's Public Investment Fund as the main backer.

Not enough of the league's top golfers committed to return in 2027. A person familiar with the talks said about 30 players had pledged to play next season and about 10 more were still considering it, but the financing talks dragged on and BC Partners walked away.

Jon Rahm, Sergio Garcia and Tyrrell Hatton did not commit to LIV 2.0 and plan to play the DP World Tour next season. Bryson DeChambeau, Dustin Johnson and Rahm were among the stars the league pulled off the PGA Tour starting in 2022 with guaranteed deals that topped $100 million and events with $30 million purses.

The Public Investment Fund said in April that it would not finance LIV beyond this season after putting more than $5 billion into the circuit. LIV filed for Chapter 11 protection on Sept. 8, listing assets of $100 million to $500 million and liabilities of $500 million to $1 billion.

"This was not an easy conclusion for anyone who believed in what LIV Golf built, but it is the right one for these estates and the circumstances," Williams said. Chief executive Scott O'Neil said Thursday that building the league had been the round of a lifetime. The company said it will still look at any deal that could bring in more money during the wind-down.