BC Partners Credit on Monday announced an initial investment in LIV Golf, part of a targeted $300 million in cumulative financing to help the beleaguered circuit emerge from Chapter 11 bankruptcy with a team-focused golf league with players as equity owners.
The announcement comes two days before the first of several hearings related to the bankruptcy filing from Sept. 8.
The financing by funds advised on the BC Partners Credit platform requires bankruptcy court approval. It would allow LIV to start planning on a 2027 season, which includes a 10-tournament schedule, half of them at international sites.
“Our goal is to facilitate LIV Golf’s emergence from the restructuring process on sound financial footing and with renewed momentum heading into the 2027 season,” said Ted Goldthorpe, partner and head of BC Partners Credit, the credit arm of BC Partners.
“Just as importantly, we want the players who make this league what it is to share in what they help build,” he said. “Giving players real and actionable ownership in the league and the teams is a unique opportunity in professional golf, and it aligns everyone around the long-term success of the product for the game and for the fans.”
LIV players still have a few weeks to decide if they want to be part of LIV Golf 2.0 now that the Public Investment Fund of Saudi Arabia withdrew its massive funding of more than $5 billion since it launched in 2022. That funding included signing bonuses — nine figures in some cases — and the $20 million prize funds for individual play.
Sergio Garcia last week asked the court to clarify the status of his LIV contract, whether it is terminated because of the bankruptcy filing or if he can terminate the contract himself.
Adrian Meronk, who joined LIV Golf in 2024, won the Dunhill Links Championship on Sunday which paves the way for him to have European tour status next year.
“It’s been a very strange year on LIV, obviously finding about Saudis backing off and finding new investors,” Meronk said after he won. “There’s still a lot of unknowns that we are not sure of. And to be honest, it’s hard from a player’s perspective to make a decision. So I’ll just wait and see. We still have a couple weeks but as I said, this helps a lot.
“I have to really reconsider and see what’s going to happen.”
LIV Golf CEO Scott O’Neil said the investment was an important step, thanking Goldthorpe and BC Partners “for their conviction in what we’re building.”
“We believe deeply in the future of this league and in the opportunity to build something distinctive alongside our players,” O’Neil said in a statement. “We’re delivering on our major milestones, and while there is still work ahead, today marks meaningful progress toward a player-owned, team-focused, truly global league that complements the wider game and creates new opportunities for players, fans, partners, and the next generation of golfers.”
The PGA Tour has not indicated if it will create an instant path back for LIV players, similar to what it did for Brooks Koepka at the start of this year. Much of the attention focuses on LIV’s top players, such as Jon Rahm, Tyrrell Hatton and Joaquin Niemann.
“We are excited about what this next phase can mean for the players who compete in the League,” Goldthorpe said. “We invite those who want to help build a strong, sustainable, team golf league to join us.”
The post ‘It’s been a very strange year on LIV’: LIV Golf to get $300 million investment to help the circuit emerge from bankruptcy appeared first on Fortune.
