BC Partners, a private capital firm that provides financing to middle-market companies, has abandoned its bid to relaunch LIV Golf due to an inability to secure enough player commitments. According to a report by the Financial Times, the firm's decision came as a deadline loomed to show there was enough player support to hold a tournament series in 2027. LIV Golf, a competitor to the PGA Tour, has been facing financial difficulties and filed for bankruptcy protection in New Jersey in September.
LIV Golf has been struggling to secure player commitments, with several high-profile golfers leaving the league since it filed for bankruptcy protection. Former world number one Jon Rahm is among those who have left LIV Golf. The league has said it plans to continue operating while it reorganizes, but it is unclear whether it will be able to secure new investment. BC Partners had planned to provide up to $300 million in financing to help LIV Golf emerge from restructuring and strengthen its finances ahead of the 2027 season.
The collapse of BC Partners' investment plans is a significant blow to LIV Golf, which was launched in 2022 with funding from Saudi Arabia's Public Investment Fund. The league lured leading players from the PGA Tour, including Phil Mickelson, Bryson DeChambeau, Brooks Koepka, and Dustin Johnson, with lucrative contracts. However, LIV Golf failed to secure contractual commitments with DeChambeau, Johnson, and others, leading BC Partners to pull out.
LIV Golf is expected to appear at a hearing in US bankruptcy court in Trenton, New Jersey, to discuss various contracts, leases, and assets. It is unclear whether the league's ultimate fate will also be discussed. The Athletic reported that LIV Golf is preparing to wind down operations after BC Partners concluded it had run out of time to make a "LIV 2.0" viable. LIV Golf did not provide a comment when contacted by Reuters.
The failure of BC Partners' investment plans has raised questions about the future of LIV Golf. The league has been critical of the PGA Tour, with some players and executives accusing it of trying to undermine the traditional golf tour. However, others have been critical of LIV Golf, with DP World Tour chief executive Guy Kinnings saying that LIV had sought to undermine the European circuit.
Some players have expressed support for LIV Golf, with DeChambeau saying recently that the business model for the league's proposed 2.0 era "makes a lot of sense" and that he hoped it would last "forever". However, others have been skeptical, with Rory McIlroy telling reporters that LIV Golf had turned professional golf into an arms race. The future of LIV Golf remains uncertain, with several challenges ahead.
LIV Golf has received significant investment from Saudi Arabia's Public Investment Fund, which has invested more than $5 billion in the league since its launch in 2022. However, the fund announced it was ending its financial backing after the 2026 season, leaving LIV Golf to find new investors. The league's bankruptcy filing and failure to secure new investment have raised questions about its long-term viability.
Key points
- BC Partners abandons bid to relaunch LIV Golf due to lack of player commitments
- LIV Golf files for bankruptcy protection in New Jersey as part of restructuring
- Saudi Arabia's Public Investment Fund ends financial backing for LIV Golf after 2026 season
