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LIV Golf turnaround derailed with league nearing liquidation
LIV, which didn’t immediately respond to a request for comment, is scheduled to appear in bankruptcy court on Thursday.
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LIV Golf is facing liquidation after a restructuring deal to restart the league fell through, according to a person familiar with the situation.
As a result, BC Partners, which committed to lead a $300 million investment to keep LIV going, intends to terminate a proposed restructuring deal, said the person who wasn’t authorized to speak publicly about the plan.
LIV, which didn’t immediately respond to a request for comment, is scheduled to appear in bankruptcy court on Thursday.
LIV entered Chapter 11 bankruptcy in September following Saudi Arabia’s Public Investment Fund pulling financial support after losing about $5 billion. The league got off the ground earlier this decade by signing players away from the PGA Tour with lucrative contracts.
Without the funds to maintain that structure, it tried to retain players for what it called LIV 2.0 by offering equity in the league. Lawyers had said in court that they faced a tight deadline to get necessary support from players, who would own LIV out of bankruptcy.
The Financial Times reported on the move by BC Partners earlier.
