LIV Golf 2.0: Investor drops relaunch plan

BC Partners Credit, the primary investor guiding LIV Golf out of Chapter 11 bankruptcy, is abandoning its plan for a 2027 relaunch known as LIV 2.0. The Financial Times reported on Wednesday that the credit fund decided to scrap the project because it failed to secure sufficient player interest. This move shifts the focus of the pending bankruptcy hearing in New Jersey from a reorganization to a potential liquidation of assets.

BC Partners Credit had committed up to $300 million to the LIV 2.0 venture. The proposed league included at least 10 tournaments and featured a team-based format with equity stakes for players. Scott O’Neil, the LIV CEO, previously described the equity component as a "second bite of the apple." However, the plan required a critical mass of committed athletes to succeed. While the league believed it had up to 30 players willing to remain, it struggled to attract top-tier talent.

Only four players, including Brendan Steele and Cameron Tringale, publicly confirmed their support for the new structure. Ted Goldthorpe, a partner and head of BC Partners Credit, argued in September that the previous spending had built necessary infrastructure. He stated, "We think we can run this in a financially sustainable way because much of that spending went to getting the players, and the players are here."

The league’s financial backing was largely provided by the Public Investment Fund of Saudi Arabia, which funded LIV’s 2022 launch. The league spent more than $5 billion, offering nine-figure signing bonuses to stars such as Dustin Johnson, Brooks Koepka, and Bryson DeChambeau. Players with only one PGA Tour victory received contracts worth $30 million. In April, the Saudi fund altered its strategy, stating it would cease funding LIV after the 2026 season following the start of the Iran war.

LIV Golf filed for bankruptcy on Sept. 8. During the proceedings, the European Tour issued an ultimatum in July, stating that players signing with LIV 2.0 would not be eligible for membership in the DP World Tour. This exclusion would render European players ineligible for the Ryder Cup. Guy Kinnings, the European Tour CEO, noted that the tour must protect itself from an entity that reportedly spent over $7 billion.

Several high-profile players have exited the league. Brooks Koepka and Patrick Reed are poised to return to the PGA Tour. Jon Rahm, Sergio Garcia, Louis Oosthuizen, and Tyrrell Hatton have also departed. Rahm’s contract release is set to be approved at a hearing Thursday in U.S. Bankruptcy Court in New Jersey. The court is expected to focus on liquidating LIV’s assets rather than approving a new operational plan.

LIV Golf New Jersey filed a change of address in the bankruptcy court on Wednesday, moving from New York to a commercial office in Claymont, Delaware. The league’s final event took place in August in Indianapolis, where Michael La Sasso won. La Sasso recently failed to advance past the second stage of European Tour qualifying school. LIV officials did not immediately respond to a request for comment regarding the scrapped relaunch plan.