LIV Golf faces liquidation after BC Partners Credit withdrew its plan to finance a relaunch of the breakaway golf league. The investment firm had pledged up to $300 million for LIV 2.0 but dropped the proposal after the league failed to secure enough player commitments.
LIV is scheduled to appear in U.S. bankruptcy court Thursday, with the hearing now expected to focus on liquidation of its assets. The league's ultimate fate remains unclear.
LIV filed for Chapter 11 bankruptcy protection in September after Saudi Arabia's Public Investment Fund said it would stop funding the league after the 2026 season. PIF had invested more than $5 billion since LIV launched in 2022.
BC Partners' proposed relaunch would have made players majority owners of the reorganized league and featured a scaled-back schedule. But LIV has lost several prominent players, including Jon Rahm and Sergio Garcia, as it sought commitments for the new venture.
Rahm said Tuesday that uncertainty over the league's future influenced his decision to leave. "There were too many unknowns at the time, and there's still quite a few," he told reporters ahead of the Abu Dhabi Championship. He added that the revamped competition appeared to be moving away from the team format that initially attracted him.
Garcia secured a release from his LIV contract in October and has outlined plans to return to the DP World Tour and explore a possible return to the PGA Tour.
Only four players had publicly committed to LIV 2.0: Richard Bland, Cameron Tringale, Brendan Steele and Ben Campbell, according to Golf Digest.