LIV Golf has received a financial commitment of $300 million (£227m) from BC Partners Credit, which could enable the series to relaunch in 2027. This funding deal requires approval from the bankruptcy court.
The commitment provides the breakaway golf circuit an opportunity to reset next year, following a period of uncertainty that led to its bankruptcy filing last month. This filing occurred after Saudi Arabia's Public Investment Fund (PIF) announced it would withdraw its support at the end of the season, having invested $5bn (£3.7bn) in the venture over four years.
As part of the financing plan, BC Partners Credit signed a term sheet with LIV last month. This term sheet mandates LIV to sign half of the players to whom it owes money, though current players are not obligated to rejoin. Court papers showed LIV owed $64m (£48m) to its top 27 creditors at the time of filing, with $45m (£34m) owed to current and former players.
Ted Goldthorpe, partner and head of BC Partners Credit, stated their goal is to help LIV Golf emerge from restructuring on a sound financial footing for the 2027 season. LIV Golf chief executive Scott O'Neil noted progress towards a player-owned, team-focused league. The first of several bankruptcy-related hearings is scheduled for later this week.