LIV Golf’s latest bankruptcy filing changes two key conditions

LIV Golf’s latest bankruptcy filing includes two significant changes: the league has received an initial committed investment from London-based private equity firm BC Partners, and the deadline for securing LIV 2.0 player commitments has moved from Oct. 13 to Oct. 25.

On Monday, BC Partners announced an “initial committed investment” as part of approximately $300 million in cumulative financing. The funds are intended to help LIV emerge from Chapter 11 bankruptcy and pursue plans for a new version of the league, LIV 2.0, centered on global team golf, a smaller schedule and player equity.

The restructuring support agreement (RSA) was filed with the court Monday, but the financing still requires court approval. LIV filed for Chapter 11 on Sept. 8, and a hearing is scheduled for Oct. 14. If approved, the agreement would allow the league to advance plans to launch LIV 2.0 in 2027. The expected schedule would feature 10 tournaments, with half held internationally.

BC Partners credit head Ted Goldthorpe publicly discussed the investment for the first time.

“Our goal is to facilitate LIV Golf’s emergence from the restructuring process on sound financial footing and with renewed momentum heading into the 2027 season,” Goldthorpe said. “Just as importantly, we want the players who make this league what it is to share in what they help build. Giving players real and actionable ownership in the league and the teams is a unique opportunity in professional golf, and it aligns everyone around the long-term success of the product for the game and for the fans.”

The RSA also changed the condition concerning the number of players whose commitments are required for the project to continue. BC Partners initially set an Oct. 13 deadline, and the deal required support from at least 50 percent of players with financial claims against the league. Those claims also had to represent at least two-thirds of the total amount LIV owed its players. If those benchmarks were not met, BC Partners could withdraw from the deal.

The amended motion filed Monday removed those figures. “Requisite players” now means the number “necessary to ensure the continuation of the Company Parties’ business as a bona fide golf league.” In other words, BC Partners will decide whether enough players have committed to continue with LIV. A key element of the LIV 2.0 concept and a selling point for players is that they would retain 52.5 percent equity in the league’s new iteration.

Bryson DeChambeau has supported LIV’s new concept, but it remains unclear how many players are willing to stay with the breakaway league. Last week, Sergio Garcia asked the court whether his contract was terminated by the bankruptcy filing or whether he could terminate it himself. Recent court filings suggest that decision will likely be his.

Before winning the Chilean Open last weekend, Joaquin Niemann told La Tercera that he was still deciding “whether I want to stay and believe in what’s happening in the league or go play more in Europe and from there try to get on the PGA Tour.”

Regarding equity in LIV Golf, Niemann said there were positives but that he was unsure whether he wanted to commit his career to it.

“Knowing that it’s something that I think could take a couple of years. I don’t know if it’s something I want to do at this stage of my career. So, these are questions I have to ask myself before making a decision,” Niemann said. His comments were translated from Spanish.

LIV commissioner Scott O’Neil has spent the past several months trying to keep the league together after Saudi Arabia’s Public Investment Fund (PIF) backed away from perpetual funding. O’Neil sought outside funding, which he has now secured from BC Partners, and worked to persuade players to support his LIV 2.0 vision. He now has until Oct. 25 to secure the required commitments.

“We believe deeply in the future of this league and in the opportunity to build something distinctive alongside our players,” O’Neil said. “We’re delivering on our major milestones, and while there is still work ahead, today marks meaningful progress toward a player-owned, team-focused, truly global league that complements the wider game and creates new opportunities for players, fans, partners, and the next generation of golfers.”

On Tuesday, O’Neil and Goldthorpe spoke at a Sportico event in London. O’Neil said the ongoing war in the Middle East, one factor behind the PIF’s withdrawal, forced his team to rethink its plan to make LIV profitable and sustainable. The result was a “scaled-down” LIV 2.0 concept with 10 tournaments.

“Then a war happened and the funding dried up,” O’Neil said. “We had to get creative and we had to find discipline and we had to come together as a team and rewrite the business plan, moving from a Saudi-type business plan to a business-business plan.”

The Financial Times reported that the PIF raised concerns about BC Partners’ interest in LIV after the bankruptcy filings. According to the report, BC may be seeking tax write-offs rather than trying to operate a profitable golf league. Goldthorpe, who said LIV franchises could quickly be worth $100 million, acknowledged potential tax benefits Tuesday but rejected the idea that they were the main reason for the investment.

“Yeah, of course,” Goldthorpe said when asked about potential tax breaks related to LIV’s losses. “There’s a big NOL (Net Operating Losses) in the U.S. and the UK, but that’s not the driving force behind the investment. Some of this has been misconstrued. We’re all in on the LIV, and we’re very committed to it. The tax stuff is just an added benefit.”

The next major step for LIV 2.0 comes at the Oct. 14 hearing. The judge will decide whether to approve the RSA and consider other motions related to the league’s continued operations.