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, BBC Sport understands. The original LIV circuit launched in 2022 with large guaranteed purses and drew several established names, including Westwood, before the latest effort to recast the competition stalled.
The league had been working on a new form of the event, dubbed LIV 2.0, after facing a deadline to show it had enough player support to continue in 2027.
LIV Golf is set to announce on Thursday that it will wind down after a financing firm retracted its support for a proposed successor competition, according to reports.
The Thursday announcement is expected to confirm that the league will not continue in its planned new shape after the financing firm pulled back.
BC Partners is understood to have decided it is not viable to pursue a deal. The funding could have helped the competition move forward in a new form.
LIV Golf is set to be wound down after its investor withdrew support because the proposed new league failed to attract enough players.
Leading players such as Jon Rahm and Sergio Garcia had already walked away.
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.".