LIV Golf was founded in 2021, with its first season taking place the following year
LIV Golf is set to be wound down after its investor withdrew its support because the proposed new league failed to attract enough players.
LIV had hoped BC Partners Credit would provide a possible $300m (£223m) in financing after Saudi Arabia's Public Investment Fund (PIF) withdrew its backing in April , leading to the league filing for bankruptcy protection in September.
The funding could have helped the competition move forward in a new form, dubbed LIV 2.0, but BC Partners is understood to have decided it is not viable to pursue a deal.
While leading players such as Jon Rahm and Sergio Garcia had already walked away, BBC Sport understands that those working on LIV 2.0 had received commitments from co-investors, felt support from within the golf ecosystem and had around 30 players signed up, including major winners.
But sources say the timelines ultimately proved insurmountable and they could not get the agreements they needed to move forward.
The league had been facing a deadline to show it had enough player support to continue in 2027.
The expectation is that the PIF, which provided the debtor in possession (DIP) loan to fund the restructuring process, will announce in a court hearing on Thursday that the proposal for LIV 2.0 is not viable.
Lee Westwood, one of the most high-profile players to join LIV when it first began in 2022, said on Tuesday: "There hasn't been anything presented to me that is agreeable for LIV 2.0."
"There are still a lot of things on that which need fine-tuning," he added.
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