BCPartners News & Analysis

LIV Golf Faces Liquidation After BC Partners Drops $300M Relaunch Plan

LIV Golf is likely headed for liquidation after BC Partners Credit withdrew its plan to provide up to $300 million to relaunch the league as LIV 2.0. The decision followed LIV Golf's failure to secure sufficient player commitments for the revamped league. LIV Golf is scheduled to appear in U.S. bankruptcy court on Thursday, with the hearing expected to focus on liquidation of its assets. LIV Golf filed for Chapter 11 bankruptcy in September after the Saudi Public Investment Fund (PIF) announced it would stop funding the league beyond the 2026 season. PIF had invested over $5 billion since LIV launched in 2022. The proposed relaunch by BC Partners intended to make players majority owners and feature a reduced schedule, but several key players, including Jon Rahm and Sergio Garcia, have left due to uncertainties about the league’s future and format changes. Only four players have committed publicly to LIV 2.0, significantly limiting the league's prospects. LIV Golf initially challenged the PGA Tour but faced suspensions for its players and complex legal disputes, which were partly resolved in a 2023 framework agreement between the PGA Tour, DP World Tour, and PIF. However, the deal was never completed, and the league’s future remains unclear. This matters for investors as the pending bankruptcy hearing and failed financial backing increase the likelihood of asset liquidation instead of restructuring, affecting any stakeholder value tied to LIV Golf’s operations.