The collapse of the bankruptcy financing plan leaves LIV Golf facing possible liquidation.
LIV Golf's planned $300 million lifeline from BC Partners Credit is dead. A source with knowledge of BC's operations told Front Office Sports "this version is not going to be signed," ending a restructuring plan that was meant to pull the league out of Chapter 11 bankruptcy.
The deal would have made BC Partners' financing the centerpiece of a reorganized "LIV 2.0," with players holding majority equity while BC took a stake of nearly half the new league. But the arrangement depended on enough players signing on. BC had set an Oct. 25 deadline for a "requisite number of players" to commit, and the Saudi PIF, LIV's largest creditor, had its own Oct. 30 deadline for deciding whether the league would continue or wind down. Both deadlines came and went with no announcement.
Reports now suggest BC Partners concluded LIV would not have enough players to function as a viable tour, and walked away from the funding. Without that financing, LIV Golf is reportedly headed toward liquidation, with its future now in serious doubt just as the bankruptcy process was supposed to be settling its fate.