LIV Golf’s $300M BC Partners Credit Deal Is Off

LIV Golf's $300 million deal with BC Partners Credit to revive the league from Chapter 11 bankruptcy has collapsed. A source familiar with BC Partners' operations informed Front Office Sports that the agreement would not be signed. BC Partners was slated to provide $300 million in financing as part of a restructuring support agreement outlined in the bankruptcy filings.

The new league, dubbed "LIV 2.0," was intended to have players as the majority equity holders, while BC would have owned nearly half. Key dates for the deal, an October 25 deadline for a sufficient number of players to commit and an October 30 deadline from the Saudi Public Investment Fund, the league's largest creditor, lapsed without any announcements from the involved parties.

The Financial Times initially reported that BC Partners was "dropping its bid to relaunch LIV," leaving the league to explore a liquidation of its remaining assets. LIV's next bankruptcy hearing is scheduled for Thursday at 11:30 a.m. ET, where lawyers were expected to update Judge Michael Kaplan on the league's next steps regarding either a relaunch or shutdown.

The fate of LIV remains uncertain, with it unclear if the league will wind down completely. BC Partners is not entirely out of the picture, though, the source added, "just not under this version." LIV CEO Scott O’Neil had previously referred to BC Partners Credit CEO Ted Goldthorpe as a "white knight" during the league's shift away from Saudi funding.

Bryson DeChambeau was the most vocal player supporting LIV 2.0, though it is unknown whether he officially committed to the league's next iteration. Jon Rahm had settled to exit LIV and mentioned that returning to the league was not a serious consideration. Notable players such as Tyrrell Hatton, Tom McKibbin, Ian Poulter, David Puig, Adrian Meronk, Sergio Garcia, Louis Oosthuizen, and Graeme McDowell also announced they would not return to LIV. LIV Golf declined to comment.