LIV Golf could soon be no more.
London-based private equity firm BC Partners has reportedly backed out of its plan to fund “LIV 2.0” due to a lack of player interest and commitment.
The PIF halted funding in April to redirect money toward domestic projects and manage financial pressures from the regional war with Iran. Following the decision, PIF governor Yasir Al-Rumayyan resigned from LIV’s board.
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LIV filed for Chapter 11 bankruptcy in New Jersey in September. Between 2021 and 2026, LIV spent an estimated $5 billion to $8 billion. Bankruptcy filings show the league owes millions of dollars in unpaid compensation to top players, including Jon Rahm, Bryson DeChambeau, Dustin Johnson and Cam Smith.
The league’s future depends on a proposed restructuring plan called “LIV 2.0,” but Rahm said the terms of “2.0” are “unacceptable” and he won’t be participating in it. Numerous others, including Tyrrell Hatton, Louis Oosthuizen and Sergio Garcia, have since followed suit.
According to The Athletic, LIV Golf is now pivoting to a wind-down, as BC Partners no longer believes LIV could form a viable league.
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The outlet said a scheduled hearing on Thursday in New Jersey bankruptcy court is expected to start the liquidation process.
LIV has laid off most of its operational staff, left event contractors waiting for payment and faces a lawsuit from the Premier Golf League alleging breach of confidence and conspiracy.
Shortly after the PIF pulled its funding, LIV CEO Scott O’Neil said the LIV calendar would not be altered, but that did not occur. The league’s originally-scheduled championship weekend was cancelled, forcing it to be played a week earlier.
Numerous Europe-based golfers have been leaving LIV for the DP World Tour, formerly the European Tour, as it said it would not allow LIV players to compete on its tour. Europeans also have to be members of the DP World Tour in order to play in the Ryder Cup.
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Brooks Koepka was the first big name to jump ship last year, and he rejoined the PGA Tour. Patrick Reed soon followed, but this mass exodus, which now includes two funders, is the biggest yet.
