The key facts

  • BC Partners Credit, which had pledged up to $300 million, pulled out after the stars failed to confirm their return to the league
  • According to bankruptcy filings, LIV owes $500 million to $1 billion to at least 1,000 creditors
  • Rahm, DeChambeau and Johnson hold the largest unsecured claims — more than $5 million each

Investor exits, relaunch collapses

The rebel LIV Golf league's attempt to relaunch after filing for bankruptcy has failed: its new lead investor, BC Partners Credit, has withdrawn from the project, several outlets reported on Wednesday. AFP reports this citing reports by the Financial Times and The Athletic, which relied on anonymous sources. According to their information, the private investment firm decided to walk away after failing to convince several star players to fully commit to the league. LIV Golf itself did not respond to AFP's request for comment.

From $5 billion invested to liquidation

Saudi Arabia's sovereign wealth fund, the PIF, has invested an estimated $5 billion in the tour since 2022, but abruptly stopped funding this year. In September, LIV formally filed for creditor protection under bankruptcy proceedings, yet its leadership promised to return next season as 'LIV 2.0' — with a shortened calendar, reduced prize money and equity stakes in the league for players. At the time, BC Partners Credit pledged initial financing of a potential $300 million. Now, AFP notes, the league's remaining assets are expected to be liquidated.

Players refused to return

The key problem was the players' departure: in recent weeks, several former LIV stars, including Jon Rahm, publicly announced they would not take part in the new version of the tour, and several more were reportedly wavering. Even Bryson DeChambeau — arguably the league's most famous figure, who had continued to support it — did not publicly confirm his return. The relaunch was also complicated by the U-turn of the DP World (European) Tour, which stopped allowing golfers to compete in tournaments on both tours and effectively forced Rahm to choose.

Debts and mutual accusations

Documents from the bankruptcy filings show that LIV owes an estimated $500 million to $1 billion to at least 1,000 creditors, including star players. The largest unsecured claims against the tour belong to Rahm, DeChambeau and Dustin Johnson — each is owed more than $5 million in overdue payments. Amid the collapse of the relaunch, rhetoric from the traditional tour has also intensified: DP World Tour chief Guy Kinnings said on Tuesday in an interview with the Scotsman newspaper that he was obliged to 'defend the tour against a structure that, we are told, has spent more than $7 billion' and which, in his words, aimed to 'destroy the DP World Tour.' Rory McIlroy, a longtime critic of LIV, backed Kinnings on Wednesday and said that, in his view, LIV had indeed sought to eliminate its rivals: according to him, league representatives had spoken about this at a tournament in Augusta this year.