LIV Golf is facing potential liquidation after a proposed $300 million investment to rescue the organisation fell through, threatening to bring an abrupt end to one of the most disruptive chapters in professional golf.<\/p>\n
BC Partners, which had committed to lead the investment and oversee a restructuring of the league after Saudi Arabia’s Public Investment Fund (PIF) withdrew its backing in April, intends to terminate the proposed deal, according to a Bloomberg report.<\/p>\n
The development leaves LIV’s future uncertain ahead of a bankruptcy court hearing scheduled for Thursday.<\/p>\n
LIV entered Chapter 11 bankruptcy protection in September after PIF withdrew its financial backing, having reportedly lost about $5 billion supporting the circuit since its launch.<\/p>\n
The proposed restructuring, branded LIV 2.0, was dependent on reducing the substantial upfront payments made to players. In return for accepting new contracts, golfers would have taken majority ownership of the league’s common equity, with BC Partners and other investors retaining minority stakes.<\/p>\n
However, lawyers had warned of a tight deadline to secure sufficient player support, with LIV claiming last month it remained on course to complete the restructuring despite the departure of Jon Rahm, one of its leading players.<\/p>\n
The situation was complicated by the fact that players were both LIV’s largest unsecured creditors and among its most valuable commercial assets. Rahm, the 2023 Masters champion, was owed approximately $7 million when the league filed for bankruptcy.<\/p>\n
LIV’s potential collapse would mark a dramatic reversal for a circuit launched in 2022 with enormous financial backing and the ambition of challenging the established golf order.<\/p>\n
Its recruitment of leading players through lucrative contracts prompted a bitter dispute with the PGA Tour and ultimately led to merger discussions in 2023, although a definitive agreement never materialised.<\/p>\n
The expectation is that an attorney acting for LIV will announce in a court hearing on Thursday that the proposal for LIV 2.0 is not viable.<\/p>\n","protected":false},"excerpt":{"rendered":"LIV Golf is facing potential liquidation after a proposed $300 million investment to rescue the organisation fell through,…","protected":false},"author":2,"featured_media":23853,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"csco_display_header_overlay":false,"csco_singular_sidebar":"","csco_page_header_type":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"csco_post_video_bg_volume":false,"footnotes":""},"categories":[3],"tags":[122,7756,7755,132],"class_list":["post-23852","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news","tag-liv-golf","tag-sport-team","tag-standard","tag-story","cs-entry","cs-video-wrap"],"share_on_mastodon":{"url":"https:\/\/vive.im\/@fogolf\/117562092033402956","error":""},"_links":{"self":[{"href":"https:\/\/www.fogolf.com\/us\/wp-json\/wp\/v2\/posts\/23852","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fogolf.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fogolf.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fogolf.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fogolf.com\/us\/wp-json\/wp\/v2\/comments?post=23852"}],"version-history":[{"count":0,"href":"https:\/\/www.fogolf.com\/us\/wp-json\/wp\/v2\/posts\/23852\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fogolf.com\/us\/wp-json\/wp\/v2\/media\/23853"}],"wp:attachment":[{"href":"https:\/\/www.fogolf.com\/us\/wp-json\/wp\/v2\/media?parent=23852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fogolf.com\/us\/wp-json\/wp\/v2\/categories?post=23852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fogolf.com\/us\/wp-json\/wp\/v2\/tags?post=23852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}