LIV Golf: 300-million deal with BC Partners aims to save the company by 2027

BC Partners Credit has announced an initial binding investment commitment to LIV Golf and intends to provide the league with up to $300 million as part of a comprehensive financing package. The funds are intended to help LIV emerge from Chapter 11 bankruptcy proceedings and secure the 2027 season. The financing is subject to approval by the bankruptcy court.

New Deadline: Players Have Until October 25

The timing is no coincidence: An initial, largely procedural hearing in the case is scheduled for October 7. The actual decision on the Restructuring Support Agreement (RSA), filed on Monday evening, is scheduled for October 14. The RSA also extends the deadline for current LIV players to commit to the newly formed league—until October 25.

According to the BBC, players are under no obligation to join “LIV 2.0”—even if they had previously signed multi-year contracts. It is not clear from the available reports how many have already committed; we have been unable to independently confirm a report that LIV has secured enough verbal commitments.

Background: From PIF Funding to Player Ownership

LIV filed for Chapter 11 bankruptcy in New Jersey on September 8 after the Saudi Public Investment Fund (PIF) withdrew its funding. According to the BBC and AP, the PIF had invested more than $5 billion in the league since its launch. To finance the ongoing proceedings, the PIF is providing an additional $49.6 million in bankruptcy financing (so-called “debtor-in-possession” financing), according to the BBC.

Under the restructuring plan, new shares are to be allocated as follows: 52.5 percent to the players, 45 percent to BC Partners and co-investors, and 2.5 percent to management. According to the submitted term sheet, in addition to equity, the players will receive signing bonuses and “certain NIL rights” (name, image, and likeness). The restructuring is expected to be completed in early 2027.

Read more here about LIV Golf’s bankruptcy filing.

Specific Figures: $45 Million Owed to Players

For the first time, specific figures regarding player claims are available. According to the BBC, the bankruptcy filings show that the company owes a total of just over $45 million to 14 current and former LIV players. Jon Rahm holds the largest individual claim at around $7.5 million, followed by Bryson DeChambeau ($5.7 million), Dustin Johnson ($5.5 million), Cameron Smith ($4.8 million), and Tyrrell Hatton ($3.4 million). Brooks Koepka also appears on the list with $1.7 million, even though he returned to the PGA Tour in January.

Important to note: A source familiar with the figures told the BBC that the list reflects the “amounts owed and unpaid for the third quarter of 2026”—not the full sums.

Ten tournaments for 2027, half of them overseas

BC Partners Credit explained that the funds would finance a phase in which players would become owners of the league and teams. According to consistent reports from the AP and the Golf Channel, LIV is planning ten tournaments for 2027—five of them in the U.S. and five as international team events. LIV CEO Scott O’Neil describes the new league as a competition with a reduced schedule and a “more disciplined” approach.

Reactions: Confidence on one side, uncertainty on the other

Ted Goldthorpe, partner and head of BC Partners Credit, said in the statement that the goal is to help LIV emerge from the proceedings “on a solid financial footing and with renewed momentum heading into the 2027 season.” Equally important, he said, is for the players to have a stake in what they are helping to build: “Giving players genuine and actionable ownership of the league and the teams is a unique opportunity in professional golf.”

Scott O’Neil explained that they firmly believe in the league’s future and in the opportunity to build “something independent” together with the players. They are reaching key milestones, even though “there is still work ahead of us.”

From the players’ perspective, the response is more cautious. Adrian Meronk told the AP that there are “still many unknowns,” which is why a decision is difficult. “I’m going to wait and see for now. We still have a few weeks, but that helps a lot.” The Polish golfer won the Alfred Dunhill Links Championship over the weekend, thereby securing his status on the DP World Tour for next year.

Find out here how much Adrian Meronk’s victory has boosted his position in the world golf rankings.

Unresolved Issues: Contracts and Paths Back

Alongside the funding dispute, the contractual status of individual players remains unclear. Spain’s Sergio Garcia has asked the bankruptcy court to terminate his LIV contract and is seeking legal clarity on its status (read more in our report: Sergio Garcia Seeks to Terminate LIV Contract in Court).

Outlook: Hearing on Wednesday, Decision on October 14

Following the hearing on October 7, all eyes are on October 14, when the court is scheduled to rule on the RSA. If approved, LIV can officially negotiate the future with players, sponsors, and media partners. It also remains to be seen how the instrument will ultimately be classified: According to earlier reports, it is essentially a loan-like financing arrangement with option rights, rather than a traditional equity purchase.