LIV’s stars are leaving. Why is a private equity firm still betting $300 Million on it?

BC Partners, a London-based private equity firm reported to manage about $40 billion, has agreed to anchor an investment of up to $300 million in a restructured LIV Golf, according to multiple reports. The commitment, which BC Partners Credit is reported to be making, would support LIV's exit from Chapter 11 bankruptcy protection and allow the league to continue into 2027. The investor said the initial portion of the financing is in place, though the investment is contingent on conditions that remain unresolved.

LIV lost its primary financial backer when Saudi Arabia's Public Investment Fund pulled support in April. Reports estimate PIF invested between US$5 billion and US$8 billion since LIV's 2021 launch. Chief executive Scott O'Neil secured player and partner support to finish the season, then filed for Chapter 11 to create room for a new business plan. Speaking at Leaders Week London, O'Neil referenced "triple-digit growth" in 2025 and said first-quarter 2026 revenues rose by another US$100 million. He also cited support from broadcaster Fox, which is keeping schedule slots open for future events, and sponsor relationships.

The BC Partners investment is conditional on LIV re-signing players it currently owes money, with half of those players required to return and those players accounting for two-thirds of the total owed. That condition was complicated by reports that Jon Rahm will leave the league. Rahm's lawyer told a bankruptcy court hearing that the Spaniard deemed the LIV 2.0 terms "unacceptable," and the parties are in "advanced discussions for a consensual separation agreement." Rahm joined from the PGA Tour in 2023, with some reports valuing his contract above $300 million.

The restructured model centers on selling stakes in individual teams, with players receiving equity in each. BC Partners plans a holding company for its sporting assets. Goldthorpe, BC Partners' head of credit, estimated each team could be worth over $100 million "in very short order," referencing comparisons to Formula One and sports ownership by figures such as David Beckham. Goldthorpe also said that "no one spends six or seven billion dollars on something and it's worth zero," framing the PIF's investment as a basis for confidence in the asset.

Skeptics point to the limits of the original LIV model, which also anticipated valuable team assets and did not achieve that outcome, and to the difficulty of retaining star players without the previous financial terms. O'Neil also pointed to TGL, the indoor league created by Rory McIlroy and Tiger Woods' TMRW Sports, whose teams have reportedly sold for more than $80 million, as evidence of market demand. Whether LIV can attract enough player commitments and investor capital to succeed under the new structure remains an open question.