The attempted relaunch of the rebel LIV Golf tour has collapsed following the withdrawal of its new lead investor, BC Partners, as reported on Wednesday. The private equity firm stepped away after failing to persuade several star players to commit fully to the league’s future.
Bankruptcy and Liquidation Outlook
The Saudi-backed league previously disrupted professional golf by attracting top talent away from the traditional PGA Tour. Following the collapse of the rescue plan, the circuit’s remaining assets are now expected to be liquidated.
The tour is scheduled to attend a bankruptcy court hearing on Thursday in Trenton, New Jersey, to address various leases, contracts, and assets, though its ultimate fate remains uncertain. LIV Golf did not immediately respond to requests for comment regarding the developments.
Saudi Arabia’s Public Investment Fund had invested an estimated $5bn into the circuit starting in 2022 before ending its financial backing earlier this year. LIV subsequently filed for bankruptcy protection in September, with officials aiming to return as a restructured “LIV 2.0” featuring a shortened calendar, lower prize money, and equity shares for competitors, backed by a potential $300m commitment from BC Partners Credit.
Player Departures and Rival Tour Reactions
The relaunch plans faced severe setbacks in recent weeks as prominent golfers, including Spaniards Jon Rahm and Sergio García, publicly announced their departures from the revamped circuit. Other athletes remained hesitant, while Bryson DeChambeau—considered one of the tour’s primary stars and a supporter—refrained from making a public commitment to return.
The situation became more difficult after the DP World Tour altered its regulations to prevent golfers from participating across both circuits, compelling players like Rahm to make a definitive choice.
DP World Tour chief executive Guy Kinnings stated on Tuesday that he had a responsibility to protect his organization from an entity that aimed to undermine rival tours. Rory McIlroy supported Kinnings’s remarks ahead of the DP World Tour playoff Abu Dhabi Championship, stating that the breakaway circuit had driven professional golf into an arms race and attempted to eliminate competitors.
Bankruptcy documentation revealed that LIV holds estimated liabilities ranging between $500m and $1bn, affecting at least 1,000 creditors, which include prominent competitors. Top unsecured claims exceeding $5m each are held by Jon Rahm, Bryson DeChambeau, and Dustin Johnson.
