The rebel LIV Golf tour’s bid to relaunch itself after filing for bankruptcy has collapsed with the withdrawal of new lead investor BC Partners, multiple outlets reported today.
The private capital firm decided to walk away after struggling to convince several star players to fully commit to the league, the Financial Timesand the Athletic reported, citing anonymous sources.
The once free-spending Saudi-backed league that turned the golf world upside down by luring stars away from the traditional PGA Tour is now expected to have its remaining assets liquidated.
LIV Golf did not immediately respond to AFP’s request for comment.
Saudi Arabia’s Public Investment Fund (PIF) poured an estimated US$5 billion ($8.9b) into the tour since 2022, before abruptly pulling the plug earlier this year.
LIV formally filed for bankruptcy protection in September, though officials vowed to relaunch as “LIV 2.0” next season with a shorter schedule and reduced prize money, and equity stakes in the league for players.
New lead investor BC Partners Credit pledged an initial funding commitment of a potential US$300 million ($533m).
But several former LIV stars, including Jon Rahm, publicly announced their withdrawal from the new version of the tour in recent weeks. Several others were believed to be on the fence.
Even Bryson DeChambeau, arguably the breakaway circuit’s biggest name, who continued to back the tour, did not publicly commit to returning.
LIV’s attempt to relaunch was further complicated after the DP World (European) Tour reversed its policy of allowing golfers to appear in events on both tours, instead forcing the likes of Rahm to choose.
DP World Tour chief executive Guy Kinnings told the Scotsmanyesterday that he had a duty “to protect the tour against an entity who spent, so we are told, over US$7 billion, with one of their aims being to ‘destroy the DP World Tour’”.
Leading golfer Rory McIlroy, an outspoken critic of LIV, lent his support to Kinnings’ stance overnight and said he also believed LIV had set out to eradicate its rivals.
“I agree with Guy ... [LIV] were going around at Augusta this year telling people that that’s what they wanted to do,” McIlroy said before the DP World Tour playoff Abu Dhabi Championship event.
“And then, it’s ironic that a week later, now they are talking about ‘completing and not competing’ and all that. That’s different from what they were saying at the start of the year.”
Documents from bankruptcy filings show that LIV owes between US$500m and US$1b in estimated liabilities to at least 1000 creditors, including star players.
Rahm, DeChambeau and Dustin Johnson hold the largest unsecured claims against the tour, totalling more than US$5m each in immediate past-due payments.