Key Takeaways
- • BC Partners Credit, a European private equity firm, has withdrawn from plans to invest as much as $300 million in a relaunch of LIV Golf, known as "LIV 2.0," according to the Financial Times.
- • The firm's withdrawal comes ahead of a pending deadline requiring organizers to demonstrate sufficient committed players to hold a tournament series next year.
- • LIV Golf's remaining assets are expected to be liquidated in a New Jersey bankruptcy court, with proceedings reportedly beginning Thursday, according to The Athletic; the league filed for Chapter 11 in September.
- • Saudi Arabia's Public Investment Fund withdrew its financial support in April after spending upwards of $5 billion on the league since its 2022 launch.
Summary
The planned relaunch of LIV Golf has been abandoned after European private equity firm BC Partners Credit backed out of the project, according to reports. The firm had initially planned to invest as much as $300 million into a second version of the golf league, called "LIV 2.0." Its withdrawal came ahead of a pending deadline by which the league needed to show enough players were committed to hold a tournament series next year, according to the Financial Times.
According to The Athletic, liquidation of LIV Golf's remaining assets is expected to begin in a bankruptcy court in New Jersey on Thursday. The league first filed for Chapter 11 bankruptcy in September. Reported commitments were limited: about 30 players were signed for 2027, with another 10 undecided, but the roster lacked star power and only four players had publicly stated their support.
LIV Golf was originally financially backed by Saudi Arabia's Public Investment Fund, which withdrew its support in April after spending upwards of $5 billion on the league since it launched in 2022. The league had also faced sustained opposition from the wider golf world, with DP World Tour chief Guy Kinnings and golfer Rory McIlroy, among others, accusing LIV's leadership of seeking to destroy the European tour.
The league's roster had already been depleted. Jon Rahm, Sergio Garcia, Louis Oosthuizen and Tyrrell Hatton said they would no longer stay with LIV Golf. Brooks Koepka exited his LIV deal with one year remaining, and the PGA Tour created a return path with financial penalties. Patrick Reed chose not to extend his deal and is positioned to return to the PGA Tour next year through his performance in Europe. This article is based in part on wire service reports.
According to The Athletic, liquidation of LIV Golf's remaining assets is expected to begin in a bankruptcy court in New Jersey on Thursday. The league first filed for Chapter 11 bankruptcy in September. Reported commitments were limited: about 30 players were signed for 2027, with another 10 undecided, but the roster lacked star power and only four players had publicly stated their support.
LIV Golf was originally financially backed by Saudi Arabia's Public Investment Fund, which withdrew its support in April after spending upwards of $5 billion on the league since it launched in 2022. The league had also faced sustained opposition from the wider golf world, with DP World Tour chief Guy Kinnings and golfer Rory McIlroy, among others, accusing LIV's leadership of seeking to destroy the European tour.
The league's roster had already been depleted. Jon Rahm, Sergio Garcia, Louis Oosthuizen and Tyrrell Hatton said they would no longer stay with LIV Golf. Brooks Koepka exited his LIV deal with one year remaining, and the PGA Tour created a return path with financial penalties. Patrick Reed chose not to extend his deal and is positioned to return to the PGA Tour next year through his performance in Europe. This article is based in part on wire service reports.
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