LIV Golf CEO Greg Norman looks over the 12th tee during the practice round for the LIV Golf Adelaide tournament at the Grange Golf Club, Thursday, April 25, 2024 in Adelaide, Australia. (Jon Ferrey/LIV Golf via AP, File)It arrived on the golf scene looking to shake up the sport. But after four years, LIV Golf has announced that it will liquidate. “In light of the current circumstances, we believe shifting toward an orderly wind-down is the most responsible path forward for the League at this time,” Gene Davis and Jon Zinman of LIV Golf board’s special committee said in a press release late on Thursday.The press release came after a lawyer made the move public in a hearing in New Jersey. “The debtors are not currently proceeding with the LIV 2.0 plan,” attorney Matthew Williams of Gibson Dunn said. “Instead, the debtors are toggling to a value-maximizing wind-down in their business.”LIV Golf was launched in June 2022 by splashing some serious cash: at one point it was offering nine-figure signing bonuses to top names on the golf circuit to woo them away from the PGA Tour. That’s why, major champions like Bryson DeChambeau, Dustin Johnson, Brooks Koepka and Phil Mickelson were fine getting suspended by the PGA Tour.In April this year, after four years, LIV Golf lost Saudi Arabia funding after splurging over $5 billion. LIV Golf filed for Chapter 11 bankruptcy on September 8. But it seemed that the breakaway event had earned a lifeline when BC Partners Credit pledged a $300 million investment to pivot to a more financially sustainable “LIV 2.0.”So why are the organisers of LIV Golf pulling the plug?The biggest reason is that top players like Jon Rahm, Sergio Garcia, Tyrrell Hatton and Louis Oosthuizen, weren’t interested in playing in LIV Golf anymore.The Associated Press reported that Rahm has agreed to forfeit all claims against LIV — said to be worth some $100 million — and will be exiting his contract. Rahm will be playing the European tour, with the hope that there will be a path back to the PGA Tour soon. The tour currently has a one-year ban dating to players’ last LIV appearance.Story continues below this adLIV Golf sent shockwaves through the sport when it burst onto the scene in June 2022 with a mix of star power and past-their-prime veterans who signed lucrative contracts to appear in tournaments with guaranteed paydays.