Private equity firm BC Partners has withdrawn its plan to finance a relaunch of LIV Golf after failing to secure sufficient player commitments for a proposed 2027 season, according to multiple reports citing the Financial Times. The decision was confirmed ahead of a Thursday bankruptcy court hearing in New Jersey, where the league’s future is expected to be discussed.
LIV Golf, which filed for Chapter 11 bankruptcy protection in September after Saudi Arabia’s Public Investment Fund (PIF) announced it would end financial backing after the 2026 season, had sought to reorganize under a restructured model dubbed LIV 2.0. The proposed revival included a scaled-back tournament schedule, player ownership stakes, and a focus on team formats. However, BC Partners’ lending arm, BC Partners Credit, determined the league lacked enough player support to proceed.
Key Developments
- BC Partners had pledged up to $300 million in financing for LIV 2.0 but withdrew its commitment after failing to secure enough player contracts by a deadline.
- The league’s Thursday court hearing in Trenton, New Jersey, is now expected to focus on liquidation proceedings, with reports indicating LIV Golf may wind down operations entirely.
- Four players—Richard Bland, Cameron Tringale, Brendan Steele, and Ben Campbell—had publicly committed to the relaunch, while high-profile names including Jon Rahm, Sergio Garcia, and Brooks Koepka have left the league in recent months.
Background and Context
LIV Golf launched in 2022 with $5 billion+ in funding from the PIF, luring top players from the PGA Tour with lucrative contracts. The league’s competitive model, which included team-based formats and direct player involvement, initially attracted stars like Phil Mickelson, Bryson DeChambeau, Dustin Johnson, and Brooks Koepka. However, the PIF’s decision to withdraw funding after 2026 left LIV Golf seeking alternative financing to avoid dissolution.
BC Partners’ proposed LIV 2.0 aimed to restructure the league with player ownership stakes and a reduced tournament schedule, including at least 10 events, half outside the U.S. The model required at least 30 players to commit, but only four publicly confirmed participation. Reports indicate that Bryson DeChambeau, one of the league’s most prominent remaining players, had expressed support for the relaunch but ultimately did not commit.
Financial and Legal Challenges
LIV Golf’s bankruptcy filing revealed millions in unpaid player compensation, including to Rahm, DeChambeau, Johnson, and Cameron Smith. The league has also faced legal disputes, including a lawsuit from the Premier Golf League alleging breach of confidence and conspiracy. Additionally, event contractors and operational staff have reported unpaid bills as the league’s financial situation deteriorated.
The Thursday hearing will address the league’s contracts, leases, and assets, with liquidation proceedings expected to begin if no alternative restructuring plan is presented. The PIF’s withdrawal of funding in April marked a turning point, redirecting resources toward domestic projects and amid financial pressures from regional conflicts.
Player Exodus and Industry Impact
Since filing for bankruptcy, LIV Golf has lost several high-profile players, including:
- Jon Rahm, who secured a separation agreement in October and cited uncertainty over the league’s future and format changes as reasons for leaving.
- Sergio Garcia, who plans to return to the DP World Tour and explore a PGA Tour comeback.
- Brooks Koepka, who rejoined the PGA Tour under a conditional program.
- Tyrrell Hatton and Louis Oosthuizen, who have also departed.
The DP World Tour has warned players that joining LIV 2.0 would render them ineligible for membership, effectively barring them from European competitions like the Ryder Cup. This has further complicated efforts to secure player commitments.
Australia’s LIV Golf Event in Jeopardy
The future of LIV Golf’s Adelaide tournament, scheduled for March 2025, is now in doubt. South Australia Premier Peter Malinauskas stated that media reports suggest the event is unlikely to proceed, though no official confirmation has been received from LIV Golf. The tournament, which debuted in 2023, had been a key fixture in the league’s international schedule.
Next Steps
LIV Golf’s fate will be determined in the Thursday bankruptcy hearing, where the court is expected to address liquidation proceedings. If liquidation proceeds, the league’s assets—including player contracts, tournament rights, and intellectual property—will be sold to satisfy creditors. The process could take months, with potential buyers emerging to acquire parts of the league’s infrastructure.
BC Partners’ withdrawal marks the final collapse of LIV Golf’s rescue efforts, leaving the league’s future uncertain. The decision underscores the challenges of sustaining a breakaway sports league without long-term financial backing or broad player support.