LIV Golf received positive news this week as the league tries to navigate bankruptcy and return to competition in 2027.
BC Partners Credit announced on October 5 that it has made an initial committed investment in LIV Golf as the first piece of a financing package targeting $300 million in cumulative funding. The investment is intended to help LIV emerge from its Chapter 11 restructuring with what BC Partners described as a more financially sustainable business model. The financing remains subject to bankruptcy court approval.
The development comes less than a month after LIV Golf voluntarily filed for Chapter 11 bankruptcy protection in New Jersey. LIV entered the court-supervised process as part of a restructuring agreement with BC Partners Credit, saying at the time it intended to emerge from bankruptcy and begin its next era in early 2027.
LIV’s financial problems are steep. According to Reuters, its bankruptcy filing listed estimated liabilities of $500 million to $1 billion, compared with estimated assets of $100 million to $500 million. Some of LIV’s biggest-name golfers, such as Bryson DeChambeau, Jon Rahm, Dustin Johnson and Cameron Smith, are listed among the league’s creditors.
LIV Golf Stars Could Become Majority Owners Under New Plan
The proposed restructuring of LIV would radically alter the relationship between LIV Golf and its players. Players might even become majority owners in the league.
According to the restructuring term sheet filed Monday, players would collectively receive 52.5% ownership of the reorganized LIV Golf. BC Partners and any minority investors would control 45%, while the remaining 2.5% would go to management. Players could also receive signing bonuses and certain name, image, and likeness rights as part of new agreements.
The biggest roadblock for this plan is the players themselves. The league must convince its players to remain with LIV. With recent examples such as Brooks Koepka and Patrick Reed defecting, this is certainly not a slam dunk deal.
LIV will likely look to focus on its core stars, DeChambeau, Rahm, Dustin Johnson and Cam Smith. Those players are all listed as creditors and are vital members of LIV’s roster.
LIV Golf Eyes Return in 2027
There has been a lot of doom and gloom surrounding LIV Golf in the last few months. Still, the league is trying to figure out a way to return in 2027. This deal in no way guarantees that return, but it is a step in the right direction.
The league looks to be taking a different approach should they return next year.
LIV is targeting a 10-tournament schedule for next season, with five events expected to be held internationally. CEO Scott O’Neil has described the planned LIV Golf 2.0 as a more scaled-back and “disciplined” version of the league, a significant change from the massive spending that defined LIV after its launch in 2022.
The overhaul comes after Saudi Arabia’s Public Investment Fund withdrew its financial backing of LIV after pouring more than $5 billion into the league since its launch. That money helped fund massive signing bonuses and $20 million individual tournament purses as LIV lured some of the world’s biggest golfers away from the PGA Tour.
There are still hurdles before LIV Golf 2.0 becomes a reality. The BC Partners financing requires bankruptcy court approval, while the league also needs enough of its current players to commit to the new structure. LIV has extended that decision deadline to October 25.
It will be worth paying attention to what stars like DeChambeau and Rahm decide to do in the coming weeks. Their plans might well decide the future of LIV Golf as a whole. For now, the league will focus on trying to emerge from Chapter 11 and resume play in 2027, albeit with a slightly different approach.
LIV Golf Gets $300 Million Lifeline Amid Bankruptcy Crisis