LIV Golf revival collapses
LIV Golf’s bid to relaunch after filing for bankruptcy has collapsed following the withdrawal of its prospective lead investor, BC Partners, multiple media outlets reported Wednesday.
The private equity firm decided to walk away after struggling to convince several star players to commit fully to the league’s future, the Financial Times and The Athletic reported, citing anonymous sources.
The once free-spending, Saudi-backed circuit, which upended professional golf by luring superstars away from the traditional PGA Tour, is now expected to have its remaining assets liquidated.
LIV Golf did not immediately respond to an AFP request for comment.
Saudi Arabia’s Public Investment Fund (PIF) had poured an estimated $5 billion into the tour since its launch in 2022 before abruptly pulling its financial support earlier this year.
LIV formally filed for bankruptcy protection in September, although officials had vowed to revive the circuit as “LIV 2.0” next season, with a shorter schedule, reduced prize money and equity stakes for players.
Prospective lead investor BC Partners Credit had pledged an initial funding commitment of up to $300 million.
However, several former LIV stars, including Jon Rahm, publicly announced in recent weeks that they would not join the proposed new version of the tour. Several others were reportedly undecided.
Even Bryson DeChambeau, arguably LIV’s biggest star and a continued supporter of the circuit, had not publicly committed to returning.
The relaunch effort was further complicated when the DP World Tour reversed its policy allowing players to compete on both circuits, forcing golfers such as Rahm to choose between the tours.
DP World Tour chief executive Guy Kinnings told The Scotsman on Tuesday that he had a duty “to protect the Tour against an entity who spent, so we are told, over $7 billion, with one of their aims being to ‘destroy the DP World Tour.’”
Rory McIlroy, a longtime critic of LIV, backed Kinnings on Wednesday, saying he also believed the breakaway league had sought to eliminate 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 told reporters ahead of the DP World Tour Championship in Abu Dhabi.
“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.”
Bankruptcy filings showed that LIV has estimated liabilities of between $500 million and $1 billion owed to at least 1,000 creditors, including players.
Rahm, DeChambeau and fellow golfer Dustin Johnson reportedly have the largest unsecured claims, each owed more than $5 million in overdue payments.