BC Partners Credit commits $300 million to rescue LIV Golf in bankruptcy restructuring

Financing deal and restructuring framework

BC Partners Credit has committed to an initial investment as part of a targeted $300 million financing package to help LIV Golf emerge from Chapter 11 bankruptcy. The private credit division agreed to a preliminary term sheet with league executives in September, though the arrangement remains subject to formal approval by the bankruptcy court. Restructuring advisers intend to complete the court-supervised reorganisation in early 2027, with the first series of judicial hearings scheduled for early October. The financing structure establishes an equity framework where players receive direct ownership stakes in both their individual teams and the overarching competition. Scott O'Neil, the chief executive of LIV Golf, stated that the agreement represents steady progress toward completing court milestones and establishing a sustainable enterprise.

Our goal is to facilitate LIV Golf's emergence from the restructuring process on sound financial footing and with renewed momentum heading into the 2027 season.

Collapse of sovereign funding and outstanding debt

The bankruptcy filing on 8 September occurred after Saudi Arabia's Public Investment Fund decided to withdraw its financial support at the conclusion of the 2026 season. The sovereign wealth fund had provided more than $5 billion in capital over four years since launching the tour in 2022, financing nine-figure player signing bonuses and individual tournament purses of $20 million. Filings submitted to the bankruptcy court disclosed that LIV Golf owed $64 million to its 27 largest creditors when it entered administration. Approximately $45 million of that initial debt was owed directly to current and former players, excluding unresolved long-term contractual liabilities. Unresolved contractual liabilities include up to $150 million reported for the remainder of Jon Rahm's contract.

Player deliberations and contract disputes

Under the financing covenant established with BC Partners Credit, LIV Golf is required to re-sign at least half of the golfers to whom it currently owes money. Participating athletes are under no legal requirement to join the revised circuit, known as LIV Golf 2.0, even if they previously held multi-year contracts with the organization. Spanish golfer Sergio Garcia submitted court documents in late September requesting formal clarification of his legal standing and seeking termination of his contract. Other golfers have until 25 October to negotiate terms with the circuit, which has granted an extended discussion window while court proceedings continue. Adrian Meronk, who joined the tour in 2024 and secured European tour playing status after winning the Dunhill Links Championship, noted that uncertainty surrounding the league has left players with difficult career decisions.

I enjoy playing on LIV. It's a breath of fresh air and, yes, we're being kept informed on LIV 2.0, the new partner coming in.

Tournament schedule and league model for 2027

The revised business model aims to transition LIV Golf from a state-subsidized disruptor into a commercially viable, team-centric sports league. If the restructuring receives final clearance from the United States bankruptcy court, league administrators intend to stage a 10-event calendar during the 2027 campaign. Half of those scheduled tournaments will take place at international venues outside the United States, maintaining the circuit's global footprint. Experienced competitors such as Lee Westwood have acknowledged previous structural flaws in the tour's original business design while expressing support for the upcoming ownership modifications. The league's leadership continues negotiations with external commercial partners to finalize team rosters and venue agreements ahead of the planned 2027 relaunch.