The dream of a second-act league for LIV Golf seemingly died on Wednesday. BC Partners Credit pulled the plug on a $300 million deal that was supposed to save the tour. The Financial Times reported the investor decided the new plan lacked enough players to work. This is not a minor setback. It is a death sentence for the league’s hopes of continuing in 2027.
Why the Money Vanished
BC Partners had promised to fund “LIV 2.0” with up to $300 million. The plan called for at least 10 tournaments and offered players equity stakes. LIV CEO Scott O’Neil called that equity a “second bite of the apple.” But the math never worked. According to reports, just four players, among them Brendan Steele and Cameron Tringale, gave public support to the new arrangement. The league needed more starpower to sign up. Instead, it got silence.
Ted Goldthorpe, a partner at BC Partners Credit, told a Sportico conference in September that the existing ecosystem could run sustainably. He claimed much of the $5 billion spent by the original backers went to getting players who are now here. That logic failed fast. The league filed for Chapter 11 bankruptcy on September 8. Now, the hearing in U.S. Bankruptcy Court in New Jersey is shifting toward liquidation of assets. The investors are walking away because the roster is too thin.
Stars Leave Before the End
Jon Rahm’s contract termination was formalized in an agreement awaiting approval this Thursday. His exit was costly, with reports saying he was owed about $100 million from the remainder of his contract. The exodus did not stop with him. Lee Westwood, one of the first to join in 2022, said the revamp had potential but admitted “there hasn’t been anything presented to me that is agreeable for LIV 2.0.” If Westwood and Rahm are gone, who is left?
The European tour issued a devastating ultimatum that eliminated all merger prospects. Guy Kinnings, the European tour CEO, told The Scotsman, “But we also have to protect the tour against an entity who spent, so we are told, over $7 billion, with one of their aims being to ‘destroy the DP World Tour.'” He made it clear that anyone signing with LIV 2.0 would be ineligible for the Ryder Cup. That rule alone made the league unplayable for top European talent like Tyrrell Hatton.
The Final Bill Comes Due
The Saudi Public Investment Fund (PIF) spent more than $5 billion to launch the league in 2022. They lured big names like Dustin Johnson and Bryson DeChambeau with nine-figure signing bonuses. Even players with just one PGA Tour win signed for $30 million. PIF changed its strategy in April and said it would stop paying for LIV after the 2026 season. The Asian Tour renewed its alliance with the PGA Tour in July, leaving LIV isolated.
On Wednesday, LIV Golf New Jersey submitted an address change request, relocating from New York to a commercial office in Claymont, Delaware. The league is trying to wind down. A representative of LIV is expected to declare in court on Thursday that the LIV 2.0 proposal is unfeasible.
