LIV Golf set to wind down after BC Partners drops $300 million bid for relaunch

LIV Golf is headed for a wind-down. BC Partners Credit, the investor that was going to bankroll a restructured league called LIV 2.0, has decided not to go ahead with a proposed $300 million financing package.

The reason, according to BBC Sport's sources, is that the proposed league could not attract enough players in time. An attorney for LIV is expected to tell a U.S. Bankruptcy Court in New Jersey on Thursday that the LIV 2.0 proposal is not viable. The Financial Times first reported that BC Partners was dropping the bid.

A LIV Golf spokesperson did not immediately respond to requests for comment from The Athletic and ESPN, according to Field Level Media.

How the league got here

Saudi Arabia's Public Investment Fund announced in April that it would stop funding the league. PIF is estimated to have spent more than $5 billion since LIV launched, mostly on guaranteed contracts and tournament purses.

LIV called its response a "strategic evolution" and installed a new independent board. It then went looking for replacement money. The 2026 season ended early, and an Aug. 26 event in Indianapolis turned out to be the last. A planned final tournament in Michigan was cancelled.

LIV filed for Chapter 11 protection in September. CEO Scott O'Neil announced a new backer in July, and BC Partners was named as that backer in August. The league cut nearly its entire staff that month. Players' contracts were deemed null and void through the bankruptcy process, according to Fox Sports Australia.

The Financial Times reported that LIV told the bankruptcy court in September it would shutter the business if BC Partners did not continue a bona fide league within a few weeks. PIF, which owns 99% of LIV, extended $550 million in senior loans with the highest priority for payment, the FT reported.

The player count is disputed

How many players actually signed is not settled.

BBC Sport's sources say the LIV 2.0 team had commitments from co-investors, felt support from inside the golf world and had about 30 players signed, including major winners. The Athletic and the Financial Times put the figure at roughly 30 committed and 10 undecided. Fox Sports Australia, citing reports, said up to 15 players had expressed interest. BC Partners had hoped for 30 to 40.

Sports Business Journal quoted a source saying "None of the big names signed," and later specified that Bryson DeChambeau, Dustin Johnson, Joaquin Niemann and Cameron Smith were among them. The Daily Mail reported that only four players had publicly committed: Cameron Tringale, Richard Bland, Brendan Steele and Ben Campbell.

The BBC's sources say the timelines were the final obstacle. Those working on LIV 2.0 could not get the agreements they needed to move forward, and the league faced a deadline to show it had enough player support to continue in 2027.

The European Tour factor

Pressure came from outside as well. The DP World Tour announced last month that players who sign with LIV for next season will not be eligible for membership in 2027.

That carries a Ryder Cup consequence. Only DP World Tour members can play for Europe in the biennial event, so a LIV contract would have ended Ryder Cup hopes for European players.

Jon Rahm, Sergio Garcia, Ian Poulter, Tyrrell Hatton and Graeme McDowell have all left LIV this year. When Rahm departed, he was reported to be owed about $100 million on his remaining contract.

Not everyone is calling it over

The Athletic reports that a pivot to a full wind-down is imminent. Front Office Sports, citing a source, reports it is still unclear whether LIV will shut down completely and that BC Partners could be interested in a different arrangement.

DeChambeau was publicly optimistic this week. On the "Figuring Out" podcast with host Raj Shamani, he said of the new model: "The business model makes a lot of sense. And we're actually working through that right now for this new model where it will make full financial sense." He said he hoped the league "exists forever."

BC Partners chief Ted Goldthorpe told Bunkered last month: "The players are everything. They're our partners and they're very, very important to our future." The firm's decision to drop its bid came after too few players committed in time.

Who is owed what

The bankruptcy case has to sort out claims from players over contract guarantees and from vendors owed money for services. The Financial Times reported the total value of the claims reaches into the hundreds of millions of dollars. Fox Sports Australia noted that the league has also faced lawsuits from out-of-pocket contractors involved in its events.

PIF's senior loans have the highest priority for payment. With the league expected to liquidate its remaining assets, how much the players and vendors recover is the open question.

The Thursday hearing is expected to bring further details, and Field Level Media reported that the liquidation process could begin then. Most of LIV's former stars are expected to look to the DP World Tour for 2027 as they serve PGA Tour suspensions. Their route back to the PGA Tour in later years is unresolved.