The $300 million lifeline just got yanked back, and the LIV Golf collapse is now all but certain. BC Partners is pulling its planned financing of the “LIV 2.0” relaunch, according to multiple reports Wednesday. The bankrupt league now looks headed toward liquidation.
Axios reported that a source familiar with the matter confirmed BC Partners is walking away from the tentative deal. People involved in the case expect LIV to pivot to a liquidation, Axios says. ESPN’s sources add one caveat: barring a last-minute buyer.
Neither LIV nor BC Partners has commented on the record yet. The reports rest on anonymous sources, so treat the details accordingly (salt shaker optional, but recommended). For earlier context, see our look at the rumors that LIV was preparing for bankruptcy.
Why LIV 2.0 fell apart: not enough players said yes
The short version: the sign-up sheet stayed mostly blank. The Financial Times first reported the withdrawal. Golf Channel’s account says at least 15 players had expressed interest. BC Partners reportedly wanted 30 to 40 commitments for 2027.
The sources don’t agree on the math. One ESPN source says about 30 players were committed and 10 more were considering it. That source says BC Partners bailed when negotiations dragged. Axios adds that economic terms were also a sticking point with some players’ representatives.
Per Sports Business Journal, BC Partners never secured contractual commitments from Bryson DeChambeau, Cameron Smith, Joaquin Niemann or Dustin Johnson. Jon Rahm and Sergio Garcia were among the stars LIV had already lost in recent weeks. Lee Westwood and Ian Poulter also reportedly passed on LIV 2.0, and that thin interest accelerated the LIV Golf collapse.
Only a handful of golfers had publicly committed: Richard Bland, Cameron Tringale, Brendan Steele and Ben Campbell.
That’s a roster, but not a league.
How LIV Golf went from $5 billion to bankruptcy
Saudi Arabia’s Public Investment Fund launched LIV in 2022. Huge signing bonuses and prize funds lured stars away from the PGA Tour. PIF reportedly poured more than $5 billion into the project, according to ABC News in Australia, citing Reuters and the FT.
Then the money stopped. PIF said in April it would stop funding LIV after the 2026 season. LIV filed for Chapter 11 in New Jersey on September 8, and the LIV Golf bankruptcy has dragged on ever since.
Axios says PIF’s exit followed President Trump’s war in Iran. That war scrambled Middle East geopolitics and pushed up energy prices. That is Axios’s characterization, and it appears in only one source.
In October, BC Partners Credit announced an initial commitment as the first piece of a targeted $300 million package. It was subject to bankruptcy court approval. Under the plan, players would become equity owners of the league and its teams. The 2027 schedule called for 10 events, half of them international.
Who gets paid first if LIV Golf is liquidated?
Here’s the thing: this isn’t just a business story, because real people are on the hook. Per bankruptcy filings, reported by AFP, LIV owes an estimated $500 million to $1 billion to at least 1,000 creditors. Rahm, DeChambeau and Johnson hold the largest unsecured claims, each over $5 million in past-due payments.
The circuit that once promised to rewrite golf’s economics may now end up divided among creditors. Rory McIlroy, a longtime LIV critic, said Wednesday that LIV had set out to eradicate its rivals. We broke down who first made the claim that LIV wanted to destroy the European Tour.
What happens next after the LIV Golf shutdown news
LIV has a bankruptcy hearing Thursday in New Jersey. It could formally start the liquidation process. One lower-tier outlet says PIF will tell the court that LIV 2.0 is a non-starter and the league will be wound down. That claim is unconfirmed.
Watch for official statements from LIV and BC Partners, any last-minute buyer, and how the court handles creditor claims. Meanwhile, the PGA Tour keeps rolling, with record purses at the PGA Championship showing where the money now sits.
The LIV Golf collapse leaves the stars who left for guaranteed millions asking one question: who pays us now?
