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.
TL;DR
- BC Partners reportedly dropped plans to finance a relaunch of LIV Golf, known as LIV 2.0.
- The investment firm had pledged up to $300 million but withdrew after LIV Golf failed to secure enough player commitments.
- LIV Golf is expected to appear in U.S. bankruptcy court with a focus on asset liquidation.
- LIV Golf filed for Chapter 11 bankruptcy in September after the Saudi Arabia Public Investment Fund (PIF) announced it would stop funding after the 2026 season.
- Proposed changes for LIV 2.0 included players becoming majority owners and a scaled-back schedule.
- Prominent players like Jon Rahm and Sergio Garcia have left LIV Golf, citing uncertainty and format changes.
- Only four players had publicly committed to LIV 2.0.
- LIV Golf launched in 2022 as a challenger to the PGA Tour, causing a split in men's professional golf.
- A previous framework agreement between the PGA Tour, DP World Tour, and PIF to combine commercial businesses was never completed.