Key Takeaways
- • BC Partners has withdrawn its proposed rescue of LIV Golf, leaving the Saudi-backed league facing liquidation, according to the Financial Times.
- • The private equity firm had proposed committing up to $300m to a successor competition, provisionally called LIV 2.0, with a 17-tournament international schedule.
- • The rescue collapsed after the firm failed to secure sufficient player commitments amid restrictions imposed by the DP World Tour.
- • BC Partners had provided $4m in bankruptcy financing and sought to acquire approximately $5bn in accumulated tax losses tied to LIV Golf.
- • Saudi Arabia's Public Investment Fund, which owns 99% of LIV Golf and has invested roughly $5bn since 2021, had already planned to end funding after the 2026 season.
Summary
BC Partners has withdrawn its proposed rescue of LIV Golf, leaving the bankrupt Saudi-backed golf league facing liquidation, according to a report by the Financial Times. The private equity firm failed to secure sufficient player commitments for a planned relaunch, ending the effort to keep the league operating.
The firm had reportedly proposed committing up to $300m to establish a successor competition, provisionally known as LIV 2.0, featuring a 17-tournament international schedule. Negotiations stalled as several high-profile players declined to participate and others were unwilling to enter binding agreements, amid restrictions imposed by the rival DP World Tour.
BC Partners had reportedly provided $4m in bankruptcy financing to support the proposed restructuring. The firm was also seeking to acquire approximately $5bn in accumulated tax losses associated with LIV Golf, which could potentially have supported future sports-related acquisitions.
Saudi Arabia's Public Investment Fund owns 99% of LIV Golf and has invested approximately $5bn in the competition since 2021. The PIF had previously announced plans to end funding after the 2026 season. The bankruptcy process is now expected to focus on resolving outstanding creditor claims, including obligations to players and suppliers, with unsecured claims running into hundreds of millions of dollars.
The firm had reportedly proposed committing up to $300m to establish a successor competition, provisionally known as LIV 2.0, featuring a 17-tournament international schedule. Negotiations stalled as several high-profile players declined to participate and others were unwilling to enter binding agreements, amid restrictions imposed by the rival DP World Tour.
BC Partners had reportedly provided $4m in bankruptcy financing to support the proposed restructuring. The firm was also seeking to acquire approximately $5bn in accumulated tax losses associated with LIV Golf, which could potentially have supported future sports-related acquisitions.
Saudi Arabia's Public Investment Fund owns 99% of LIV Golf and has invested approximately $5bn in the competition since 2021. The PIF had previously announced plans to end funding after the 2026 season. The bankruptcy process is now expected to focus on resolving outstanding creditor claims, including obligations to players and suppliers, with unsecured claims running into hundreds of millions of dollars.
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