Photo by Western Shadow, CC BY-SA 4.0, via Wikimedia Commons
BC Partners Credit's withdrawn $300 million financing ends the restructuring plan that was meant to fund a 2027 relaunch, and LIV's lawyers told a New Jersey bankruptcy court the next day that the league is winding down.
BC Partners Credit, the credit arm of the private equity firm BC Partners, withdrew its roughly $300 million post-bankruptcy financing commitment to LIV Golf on Wednesday, November 4, 2026, according to Front Office Sports. LIV said in a statement that the deal "has been terminated, and the transaction is not expected to move forward at this time." BC Partners said separately that it was "disappointed that mutually acceptable terms could not be reached." BC Partners had been lined up to replace Saudi Arabia's Public Investment Fund as the league's primary backer after PIF said it would stop funding LIV beyond the 2026 season.
The next day, Thursday, November 5, at a hearing in LIV's Chapter 11 case before Judge Michael Kaplan in the U.S. Bankruptcy Court in New Jersey, the league's lawyers told the court LIV is winding down, and the league announced the decision publicly shortly after. The Associated Press, in a report carried by newstribune.com, headlined its story "LIV Golf facing liquidation after losing financial backing."
LIV filed for Chapter 11 bankruptcy on September 8, 2026, after PIF confirmed it would withdraw funding once the 2026 season ended, according to Golf.com's review of the bankruptcy filings. The filing came with a restructuring support agreement with BC Partners' credit division, built around a planned relaunch as "LIV 2.0": a roughly 10-event season with players holding equity in the league, first announced publicly in August 2026 (LIV Golf gets a new investor to fund a "LIV 2.0" plan). That plan is now off.
Under the agreement, reorganized equity would have split 52.5% to players, 45% to BC Partners and other investors, and 2.5% to management, Golf.com reported. The deal also required a "requisite number of players" to sign new LIV 2.0 agreements within 35 days of the filing, a deadline that fell around October 13; BC Partners held discretion over whether that threshold was met. In early October, BC Partners Credit announced an initial investment toward the targeted $300 million, with BC Partners Credit partner Ted Goldthorpe saying the goal was to help LIV "emerge from the restructuring process on sound financial footing," according to News4Jax.
It wasn't enough. LIV's attorney, Matthew Williams of Gibson Dunn, told the court the league "just couldn't get to the level of combined financial and player support" needed for a viable LIV 2.0, Front Office Sports reported. LIV's independent board chairmen, Gene Davis and Jon Zinman, said in a statement that "shifting toward an orderly wind-down is the most responsible path forward." LIV CEO Scott O'Neil said, "We created memories that I hope will inspire a new generation of fans."
Several players had already begun leaving LIV before this week's news. Jon Rahm told the bankruptcy court in October that he found LIV 2.0's proposed terms "unacceptable" and wouldn't continue with the league (Jon Rahm leaves LIV Golf). Golf.com reported that David Puig, Abraham Ancer, and Adrian Meronk also exited in the days after Rahm's rejection. The AP's November 5 report adds Sergio Garcia, Ian Poulter, and Tyrrell Hatton to the players who have left LIV this year, updating Hatton's status from earlier reporting that had him still under contract.
Separately, and before this week's financing news, the DP World Tour said it won't grant 2027 membership, which also carries Ryder Cup eligibility for Team Europe, to any player who signs with LIV Golf, ending the conditional-release arrangement that had let some LIV-contracted players compete on both tours (DP World Tour bars LIV players for 2027). Current reporting doesn't address how LIV's wind-down affects that policy, or the players, among them Tom McKibbin and Victor Perez, who hadn't yet made that choice.
LIV says it plans to file a Chapter 11 plan and disclosure statement implementing the wind-down with the court by Monday, November 9, with an unsecured creditors committee meeting set for November 20 and another hearing before Judge Kaplan on November 24, Front Office Sports reported. Beyond that timeline, the reporting available doesn't address what happens to player contract claims, how any remaining LIV assets will be sold or wound down, or how much creditors, including PIF as the league's largest creditor, stand to recover. LIV said it remains open to "value-maximizing alternatives from third parties" that may emerge during the wind-down, per Front Office Sports, but no such alternative has been reported.
Sources: LIV Golf is shutting down, lawyers confirm in bankruptcy hearing (Front Office Sports), LIV Golf facing liquidation after losing financial backing (AP via newstribune.com), LIV Golf bankruptcy hearing timeline and concerns (Golf.com), LIV Golf in line to get initial investment as it tries to emerge from bankruptcy (AP via News4Jax), 9 findings from LIV Golf's bankruptcy documents (Golf.com), LIV Golf gets a new investor to fund a "LIV 2.0" plan, DP World Tour bars LIV players for 2027, Jon Rahm leaves LIV Golf.
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