BC Partners abandons LIV Golf rescue as Saudi-backed league faces liquidation
BC Partners has withdrawn its proposed rescue of Saudi-backed LIV Golf, leaving the bankrupt golf league facing liquidation after the private equity firm failed to secure sufficient player commitments for a planned relaunch, according to a report by the Financial Times.
Private equity firm BC Partners has dropped its plan to rescue the bankrupt LIV Golf league, set to be liquidated after the Saudi-backed organization failed to attract enough player commitments for a proposed relaunch, according to the Financial Times. BC Partners had reportedly offered up to $300 million to establish a successor competition, known provisionally as LIV 2.0, with a 17-tournament international schedule.
However, negotiations collapsed as several top players declined participation and others hesitated to sign binding agreements due to restrictions from rival DP World Tour. BC Partners had invested $4 million in bankruptcy financing and aimed to acquire around $5 billion in tax losses associated with LIV Golf, which could have supported future sports-related acquisitions.
Saudi Arabia's Public Investment Fund, owning 99% of LIV Golf and investing roughly $5 billion since 2021, had planned to cease funding after the 2026 season. The bankruptcy proceedings will now concentrate on settling creditor claims, including those to players and suppliers, with unsecured claims totaling hundreds of millions of dollars.
Written by urgent.news from Private Equity Wire's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- BC Partners abandons LIV Golf rescue as Saudi-backed league faces liquidation privateequitywire.com
