LIV Golf Loses Backer

BC Partners is exiting its agreement to fund the LIV Golf League with $300 million.

Sources told ESPN on Wednesday that the exit leaves the circuit without a primary financier, making a liquidation of assets the likely outcome unless a new buyer emerges.

The PIF announced in April that it would stop financing the league after the current season. The public fund invested over $5 billion in LIV Golf. That capital attracted top players like Jon Rahm, Bryson DeChambeau, and Dustin Johnson. The league offered these stars $30 million purses and guaranteed contracts worth more than $100 million. BC Partners was selected to replace the PIF as the main backer.

Negotiations with golfers stalled, prompting BC Partners to withdraw. One source said the league reached a critical mass of about 30 committed players for the next season, with 10 others considering a spot. Despite this internal count, only a few golfers have publicly confirmed their return. Major names including Rahm, Sergio Garcia, Tyrrell Hatton, and Ian Poulter have stated they will play on the DP World Tour instead. A LIV Golf spokesperson did not immediately respond to a request for comment.

LIV Golf filed for Chapter 11 bankruptcy protection on Sept. 8. The league reported assets ranging from $100 million to $500 million. Liabilities stood between $500 million and $1 billion. The Financial Times first reported the pivot toward winding down operations on Wednesday.

U.S. Bankruptcy Court Judge Michael B. Kaplan holds a hearing on Thursday. Additional details on the league's financial status may emerge during the session.