BC Partners seeks control of LIV Golf through $50m bankruptcy loan

Private equity firm BC Partners is considering taking control of the bankrupt golf league LIV Golf by securing a $50 million loan from Saudi Arabia's Public Investment Fund (PIF), according to the Financial Times. This proposed acquisition would provide BC Partners with increased influence over LIV's Chapter 11 bankruptcy proceedings and potentially enable the firm to create a scaled-down version of the league in 2027.

Earlier, BC Partners had proposed investing $300 million in a successor competition with up to 17 tournaments, but dropped those plans after conflicts with players and other stakeholders. The firm is also aiming to keep around $5 billion in net operating losses generated by LIV since 2021, which could be used to offset taxable profits from future acquisitions.

BC Partners is exploring the possibility of establishing an acquisition vehicle focused on businesses, including sports assets, although the application of these losses is subject to regulatory constraints. The talks are still in their early stages, with PIF, which owned 98% of LIV Golf previously, looking to exit the bankruptcy process quickly.

Following a funding withdrawal from its Saudi backer, LIV Golf filed for Chapter 11 protection in September and is now winding down operations while remaining open to alternative options.