LIV Golf Backer Drops $300M Relaunch Plan, Reports Say

BC Partners Credit is pulling out of a plan to finance a relaunched LIV Golf, leaving the bankrupt league expected to move toward selling off its assets, the Financial Times, the Associated Press, Axios and BBC Sport reported on Wednesday. LIV and BC Partners did not immediately respond to requests for comment, according to CNBC.

The private credit firm had pledged as much as $300 million for a scaled-back league known as LIV 2.0. The plan called for at least 10 tournaments and would have made players majority owners of the reorganized tour, according to AP and CNBC. The money depended on enough players signing contracts before deadlines set in the bankruptcy case.

Player commitments fell short

Only four players publicly committed to the new league: Richard Bland, Cameron Tringale, Brendan Steele and Ben Campbell, CNBC reported, citing Golf Digest. Axios and BBC Sport reported that about 30 players had signaled interest, but economic terms remained a sticking point and the deadlines could not be met. LIV had already lost stars including Jon Rahm and Sergio Garcia. Rahm said Tuesday there were “too many unknowns” about the league’s future.

Thursday’s bankruptcy hearing

LIV is due in U.S. Bankruptcy Court in New Jersey on Thursday at 11:30 a.m. Eastern time before Judge Michael Kaplan, Front Office Sports reported. BBC Sport said a lawyer for LIV is expected to tell the court that the relaunch is not viable. A source told Front Office Sports that BC Partners is “not out completely, just not under this version.”

LIV filed for Chapter 11 protection in September. Saudi Arabia’s Public Investment Fund, which has put more than $5 billion into the league since its 2022 launch, said in April that it would stop funding LIV after the 2026 season.

Developing: LIV Golf has not publicly confirmed a wind-down, and the bankruptcy court has not ruled on any liquidation.

Sources: Financial Times, Associated Press, Axios, BBC Sport, CNBC, Front Office Sports.