LIV Golf is expected to seek liquidation after investment firm BC Partners’ lending arm pulled out of plans to provide up to $300 million in financing for a 2027 relaunch, the Financial Times reported on Wednesday.
The investment firm backed out as the deadline approached and there were still too few players in the league willing to sign contracts for next season. LIV filed for Chapter 11 bankruptcy protection on September 8 after Saudi Arabia’s Public Investment Fund said it would stop funding the league after the 2026 season.
The proposed relaunch, known as LIV Golf 2.0, would retain the team format, give players ownership stakes and put at least 10 events on the calendar. About half are expected to take place outside the United States.
BC Partners Credit, the company’s lending arm, announced an initial investment commitment in October as part of the proposed financing. The deal is contingent on enough players signing up for the new league. Axios reports that at least 30 golfers have expressed interest, but some of their representatives are still negotiating financial terms as the bankruptcy case deadline approaches.
Players will also have to weigh what signing will mean for their careers outside of LIV. The DP World Tour told golfers joining the proposed alliance that they would not be eligible for membership, according to the Associated Press. It would also put the Ryder Cup out of reach for European players.
Some of LIV’s most famous players have left. Jon Rahm reached a separation agreement with the league in October after his attorney told the bankruptcy court that he would not participate in the proposed restart, Golf Channel reported. Sergio Garcia has also left, Axios reports. Brooks Koepka returns to the PGA Tour in January and the program offers a path back to qualifying former members.
According to Reuters, Bryson DeChambeau, one of the most prominent figures on the LIV roster, expressed his approval of the proposed league’s business model. His next steps remain unclear.
The news prompted jokes on the X website about the league’s business model and questions about whether its players could return to the PGA Tour.