BC Partners is making a final bid to save the LIV Golf circuit. Saudi Arabia’s Public Investment Fund holds a $50 million bankruptcy loan that the private equity firm seeks to purchase. The purchase of the bankruptcy loan would let BC Partners take control of the league’s Chapter 11 process. The Financial Times reported the news on Sunday, citing people familiar with the matter. LIV Golf had said it would liquidate just days earlier after losing its main funding source.
The Saudi fund invested more than $5 billion in the league since it started in 2022. That support ended after the 2026 season. Now, a London-based firm steps in to try and keep the games going. The deal hinges on whether BC Partners can get enough players to sign up for a new version of the tour. Without a solid field, the money means little.
The Financial Lifeline
LIV Golf filed for bankruptcy protection in September. The Public Investment Fund said it would stop backing the league because the sport no longer fit its investment strategy. This decision came in April. The league then announced on Thursday that it would wind down operations. The loss of key players and the lack of cash made it impossible to continue at the current pace.
BC Partners informed other parties that a global team-based golf group remains viable according to their belief. The firm says it is willing to put in more money and time to launch a successor to LIV. The Financial Times reported this stance on Sunday. The new plan involves taking over the debt to steer the bankruptcy process. This gives the private equity firm a strong hand in deciding the league’s future.
Why the Last Deal Failed
The Financial Times had reported on Wednesday that BC Partners abandoned a separate plan to relaunch LIV. The firm failed to secure enough player commitments for that deal. The earlier proposal saw BC Partners arrange up to $300 million in available financing. This money was meant to stage tournaments in 2027. Yet the initiative collapsed after prominent players refused to commit to the league.
The previous deal also collapsed because players made demands the firm would not meet. Certain golfers demanded financial guarantees that were cancelled during the bankruptcy process be paid. Some sought an option allowing withdrawal from the agreement even after signing commitments. The newspaper reported that between 15 and 40 players showed varying levels of interest. High-profile golfers to leave LIV since the bankruptcy filing included Jon Rahm, Brooks Koepka and Patrick Reed.
The Path Forward for Golf
The situation remains uncertain as Reuters could not immediately verify the FT report. Reuters could not immediately verify the Financial Times report on Sunday. Neither BC Partners nor LIV Golf immediately answered a Reuters request for comment. The league has shaken up professional golf since its launch in 2022, but the funding crisis has left it in a fragile state.
Control of the bankruptcy process is the key to any revival. If BC Partners acquires the $50 million loan, it gains the power to restructure the debt. This could allow the league to operate without the Saudi fund’s direct oversight. The firm argues that a team-based model still works in the modern game.
The first financing deal collapsed, revealing a gap between investor expectations and player demands. Players wanted guarantees that the firm could not provide after the bankruptcy filing. The firm wanted commitments that the players were not ready to give. This stalemate killed the $300 million plan for 2027 tournaments. Now, the focus shifts to a smaller, debt-driven approach.
If the new deal goes through, the league will likely operate with a smaller budget. The $50 million loan is a fraction of the $5 billion the Saudi fund poured in. This change will force the league to be much more efficient. The Financial Times report suggests that BC Partners is ready to try again, but the odds are long.
The league must find a way to attract fans and sponsors without the massive Saudi backing. The loss of stars like Rahm and Koepka makes this task harder. Their departure signals a loss of confidence in the project’s viability. The remaining players must decide if a smaller league is worth the risk. The answer to that question will determine if the breakaway circuit survives 2027.
