BC Partners drops LIV Golf relaunch bid, leaving the league facing liquidation

A deal that fell short of its deadline

BC Partners, the private capital firm that had agreed to lead a relaunch of the league, has walked away, according to a source familiar with the matter. The firm was prepared to commit as much as $300 million to a restructured version called LIV 2.0. Its decision came as it faced a deadline to show it had enough player support to stage a tournament series in 2027. BBC Sport reported that the timelines proved insurmountable and that the agreements needed to move forward were never signed.

How the Saudi funding dried up

Saudi Arabia's Public Investment Fund confirmed in April that it would withdraw support after the 2026 season. The fund had been LIV's primary source of money for five seasons. The New York Times put its spending at roughly $5 billion, while Money in Sport put it at more than $5 billion. LIV filed for Chapter 11 bankruptcy protection in September, and the PIF had provided a debtor in possession loan to fund the restructuring. In its statement the fund explained its decision this way:

“The substantial investment required by LIV Golf over a longer term is no longer consistent with the current phase of PIF's investment strategy.”

Few players committed to contracts

Reports disagree on how many players were interested. Axios and the BBC described around 30 players as interested or signed up, while the Financial Times had reported at least 15 expressing serious interest. The sticking points were economic terms, since the proposed model would swap guaranteed contracts and large tournament purses for equity in the league, according to the New York Times. The FT also reported that directives from the DP World Tour barred golfers from moving between the two leagues, which made firm commitments rare. Lee Westwood, who joined LIV when it began in 2022, said on Tuesday, 3 November:

“There hasn't been anything presented to me that is agreeable for LIV 2.0.”

Several leading players have already left. Jon Rahm and Tyrrell Hatton have said they will not play elsewhere, and original mainstays Sergio Garcia, Louis Oosthuizen, Ian Poulter and Graeme McDowell have made clear they are leaving the league.

Hearing and what comes next

A New Jersey bankruptcy court hearing is scheduled for Thursday, 5 November. The BBC expects the PIF to tell the court in that hearing that the LIV 2.0 proposal is not viable. The New York Times said the hearing could start the liquidation process, and Axios reported that people involved in the case expect the league to move to liquidation. LIV and BC Partners did not immediately respond to requests for comment. Attention now turns to Bryson DeChambeau, the league's biggest star. Defenders such as Phil Mickelson argued the league would help grow the game globally, while critics called it 'sportswashing' that diverted attention from human rights allegations against Saudi Arabia.