LIV Golf to Liquidate After BC Partners Rescue Deal Collapses

LIV Golf will not continue in its current form. Lawyers for the league told a bankruptcy court in New Jersey on Thursday that LIV will not move forward with a planned "LIV 2.0" restructuring and will instead wind down its operations and liquidate its assets.

Why did the BC Partners deal fall apart?

LIV had been negotiating a $300 million financing deal with London-based BC Partners Credit that would have given the firm near-total control of the league in exchange for a path to the 2027 season. BC Partners needed enough of LIV's current roster, particularly its highest-paid stars, to commit to the new structure. That commitment never arrived, and a restructuring support agreement between the parties was terminated Wednesday, a day before the hearing.

"While there was great support for the league, we are disappointed that mutually acceptable terms could not be reached among the various stakeholders," BC Partners said in a statement. "We commend LIV Golf's management for their tireless efforts and thank the players who supported the future of LIV and engaged constructively throughout."

LIV Golf was never making significant money, and yet it stayed flush with Saudi cash until that spigot shut off.

How did LIV Golf get here?

The Saudi Public Investment Fund put more than $5 billion into LIV since the league launched in June 2022 under founder Greg Norman. That support ended in April, when the PIF stopped injecting new equity and told LIV it was "no longer consistent" with its strategy. From June through LIV's bankruptcy filing, the PIF instead loaned the league $495 million, much of which covered player payments and a $6.375 million retention bonus for CEO Scott O'Neil. Unpaid bills to vendors surfaced publicly in lawsuits filed in August.

The exits accelerated in October, when Jon Rahm's camp told a court hearing he would not accept LIV 2.0's terms. Sergio Garcia, Ian Poulter, Louis Oosthuizen and Tyrrell Hatton followed him out, with most expected to play in Europe in 2027. The DP World Tour has said it will bar members from competing on both its tour and a restructured LIV starting that year. Bryson DeChambeau's plans remain unclear.

What does LIV Golf's own statement say?

"As a result, the RSA has been terminated, and the transaction is not expected to move forward at this time," LIV said in a statement, adding that it "will remain open to, and continue to consider, any value-maximizing alternatives with third parties that may arise" during the wind-down. Gene Davis and Jon Zinman, who lead the league's board special committee, credited O'Neil's leadership team for bringing "credible options to the table in pursuit of a complex transaction."

LIV's broadcast rights generated only about 5% of its revenue, with its best-rated events still drawing an estimated 10 to 11 times fewer viewers than comparable PGA Tour broadcasts. UK business filings showed its international events lost more than $1 billion over four years.