LIV Golf faces liquidation after BC Partners scraps rescue plan
LIV Golf faces liquidation after BC Partners dropped a proposed $300 million rescue plan amid insufficient player commitments.
Key points
- BC Partners Credit reportedly withdrew up to $300 million in financing for a relaunched LIV Golf.
- LIV Golf faces a Thursday bankruptcy court hearing expected to focus on liquidation of its assets.
- Only four players had publicly committed to LIV 2.0, according to Golf Digest.
LIV Golf could be liquidated after BC Partners Credit reportedly dropped plans to finance a relaunch of the league. The investment firm had pledged up to $300 million for a revamped version, known as LIV 2.0, but withdrew after LIV failed to secure enough player commitments, according to the Associated Press.
LIV is due in U.S. bankruptcy court on Thursday, where the hearing is now expected to focus on liquidation of its assets. The league's ultimate fate remains unclear, and LIV Golf and BC Partners did not immediately respond to CNBC requests for comment.
How LIV reached this point
LIV filed for Chapter 11 bankruptcy protection in September after Saudi Arabia's Public Investment Fund said it would stop funding the league after the 2026 season. PIF had invested more than $5 billion since LIV launched in 2022, according to the filing.
BC Partners' proposed relaunch would have made players majority owners and featured a scaled-back schedule. But LIV lost several prominent players, including Jon Rahm and Sergio Garcia, as it sought commitments. Only Richard Bland, Cameron Tringale, Brendan Steele and Ben Campbell had publicly committed to LIV 2.0, according to Golf Digest.
There were too many unknowns at the time, and there's still quite a few
— Jon Rahm
Players explain their departures
Rahm said Tuesday that uncertainty over the league's future and proposed format changes influenced his decision to leave. He told reporters the revamped competition appeared to be moving away from the team format that initially attracted him.
Garcia, who secured a release from his LIV contract in October, has outlined plans to return to the DP World Tour and explore a possible return to the PGA Tour.
