LIV Golf tells US court it will pursue wind-down after BC Partners withdraws financing

LIV Golf told a US bankruptcy court on Thursday that it is not currently proceeding with its proposed LIV 2.0 relaunch. It will instead pursue a wind-down of its business.

LIV Golf attorney Matthew Williams told the hearing that the league could not secure the financial and player support it needed within the required timeline. "Instead, the debtors are toggling to a value-maximizing wind-down of their business," he said, as quoted by ESPN.

BC Partners withdrew on Wednesday from a planned financing of LIV 2.0 worth up to $300 million. The firm had been positioned to provide financing after Saudi Arabia's Public Investment Fund (PIF) exited. The PIF, which had spent more than $5 billion on LIV Golf, announced in April that it was ending its funding. LIV Golf filed for bankruptcy protection in September.

The decision can be revisited. "Obviously, if the facts or the circumstances change, the strategic initiative committee can and will revisit this decision," Williams said, according to ESPN. LIV Golf said it remains open to alternatives during the process.

A plan reflecting the change is due by Monday, 9 November. BBC Sport describes a disclosure statement and wind-down plan, while ESPN describes a new Chapter 11 plan.

Players including Jon Rahm, Sergio Garcia and Tyrrell Hatton did not continue with LIV Golf for LIV 2.0. According to ESPN, they and others plan to play on the DP World Tour next season.

BBC Sport and ESPN each reported, citing unnamed sources, that about 30 players had signed up or committed to LIV 2.0. The reports do not identify those players. ESPN also reported, citing an unnamed source, that another 10 were still considering joining.

What is disputed

The reason for BC Partners' withdrawal is disputed. Accounts in BBC Sport and ESPN said the firm was not satisfied with the mix of players, or that too few top golfers had committed for 2027. ESPN also reported, citing an unnamed source, that LIV Golf had reached a critical mass of players and that BC Partners withdrew when negotiations dragged on. BC Partners cited a failure to reach mutually acceptable terms, without specifying them.

What each side says

• LIV Golf: Williams said all parties negotiated intensely and in good faith. He said a wind-down is the best way to maximize value on the current facts.
• BC Partners: A spokesperson said in a statement quoted by ESPN: "While there was great support for the league, we are disappointed that mutually acceptable terms could not be reached among the various stakeholders."
• PIF: Lawyer Scott Greissman told the court that the fund had learned of the decision hours earlier and respects it. He said it looks forward to "an orderly wind-down by the end of the year", according to BBC Sport.

The reports do not describe what the wind-down means for player contracts, staff, teams or sponsors.

Analysis

The next step is the plan due on 9 November, along with the court's response, which the reports do not describe. If the facts change, LIV Golf's committee could revisit its decision, and the league says it remains open to alternatives. A wind-down could instead leave players, staff and sponsors facing questions the reports do not yet answer. The case may also inform debate over the investor and player support a new golf league needs. However, the reasons for BC Partners' withdrawal remain disputed, so any conclusions about what ended the relaunch should be treated with caution.

Produced by the Vocemundi newsroom with AI assistance.