LIV Golf Set for Liquidation Hearing

LIV Golf enters U.S. bankruptcy court on Thursday with a new focus on liquidating its assets. The shift follows the reported withdrawal of a rescue bid by BC Partners Credit, a move that clears the path for a formal winding down of the breakaway tour.

BC Partners had pledged up to $300 million to fund LIV 2.0, a revamped version of the league. The proposal included making players the majority owners and reducing the number of events. The firm abandoned the plan because LIV could not lock in enough star players for the new structure, according to the Associated Press.

The league filed for Chapter 11 protection in September. That filing came after Saudi Arabia’s Public Investment Fund announced it would cease funding after the 2026 season. PIF had invested more than $5 billion in the league since its launch in 2022.

High-profile departures weakened the case for a relaunch. Jon Rahm cited uncertainty over the league’s future and format changes as reasons for his exit. He told reporters in Abu Dhabi that too many unknowns remained. He also noted the new competition was moving away from the team format that originally drew him to the tour.

Sergio Garcia secured a release from his contract in October. He plans to return to the DP World Tour and explore a possible comeback to the PGA Tour. Only four players had publicly committed to the LIV 2.0 project. Those players are Richard Bland, Cameron Tringale, Brendan Steele, and Ben Campbell, according to Golf Digest.

LIV launched in 2022 as a direct challenge to the PGA Tour. It signed stars like Phil Mickelson, Dustin Johnson, and Bryson DeChambeau to lucrative deals. The split led to legal battles between the rival organizations, though a June 2023 framework agreement ended the litigation. That deal proposed combining commercial businesses but was never completed. Neither LIV nor BC Partners responded to requests for comment.