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LIV Golf bets on a player-owned 2.0 to rescue its finances
business12 days ago

LIV Golf bets on a player-owned 2.0 to rescue its finances

LIV Golf has filed for Chapter 11 in New Jersey and is racing to sign players for a new LIV 2.0 as part of a restructuring backed by a $300 million BC Partners-led investment and a $50 million loan from Saudi Arabia’s Public Investment Fund. Under the term sheet, players would exchange their current contract claims for equity in LIV 2.0 and could receive signing bonuses and NIL endorsements, with the league majority-owned by players. The plan hinges on court-approved milestones to avoid a wind-down; LIV disclosed about $15 million cash at filing after burning through roughly $5 billion from PIF and $500 million in a prior loan. In 2025 LIV revenue was about $200 million, with little contribution from TV deals, while sponsorships dominated. A committee of unsecured creditors is anticipated to be formed, and Judge Kaplan noted the spectacle of such a committee formation during proceedings.

via Financial Times|
#bankruptcy#bc-partners#business
LIV Golf Files for Chapter 11, Plans Player-Owned Restructuring
business14 days ago

LIV Golf Files for Chapter 11, Plans Player-Owned Restructuring

LIV Golf has filed for Chapter 11 bankruptcy protection in New Jersey, after facing a looming Saudi PIF funding cliff and attempting to raise up to $350 million. The company struck a restructuring support agreement with BC Partners and will seek court approval to reorganize, with PIF providing about $49.6 million in debtor-financing to keep operations afloat. The plan envisions the venture becoming majority-owned by its players, with BC Partners Credit and other minority investors financing the post-bankruptcy structure. LIV continues talks with players and remains focused on a fan- and player-owned ownership model as it pursues a transformative path beyond the current upheaval.

via CNBC|
#bankruptcy#bc-partners#business
LIV Golf Reboots With Chapter 11 Shield, Player Equity and New Investor
business14 days ago

LIV Golf Reboots With Chapter 11 Shield, Player Equity and New Investor

LIV Golf has filed for Chapter 11 bankruptcy protection in New Jersey, entering a court-supervised restructuring funded by a $49.6 million debtor-in-possession loan from the Saudi Public Investment Fund after it pulled long-term funding. A new investor, BC Partners, is lined up to back the league’s next phase as LIV shifts to a sustainable, player-centric model that returns commercial rights to players and offers equity, with prize purses, field sizes, and formats reworked to be between PGA Tour and DP World Tour levels. The move aims to build a lasting global golf business and a framework for growth with more national-identity teams and a broader field, while the players gain greater earning potential.

via BBC|
#bankruptcy#bc-partners#business
LIV Golf Bets on Bankruptcy to Fund a Fragile 2.0 Comeback
business20 days ago

LIV Golf Bets on Bankruptcy to Fund a Fragile 2.0 Comeback

Defector reports LIV Golf, after being dumped by the Saudi PIF, plans Chapter 11 bankruptcy to clear debts and right-size for LIV 2.0, while laying off most staff and trimming events and bonuses. It is courting BC Partners as a new investor, but the deal hinges on retaining top players who would face much smaller payouts and fewer events. The venture also faces vendor lawsuits and potential sanctions from the PGA and European tours, creating an uncertain path forward.

via Defector|
#bankruptcy#bc-partners#business
LIV Golf braces for Chapter 11 as funding talks stall
business22 days ago

LIV Golf braces for Chapter 11 as funding talks stall

LIV Golf is reportedly nearing a Chapter 11 bankruptcy filing to fund a leaner 2027 circuit, as talks with BC Partners continue while the Saudi Public Investment Fund is unwilling to provide new funds. The strategy may include a pre-packaged deal with players and a revamped LIV 2.0, but attracting enough top players remains uncertain. A New Jersey filing is being discussed, with potential debtor-in-possession financing under $100 million and a plan to roll up assets using billions in net operating losses, backed by BC Partners’ planned investment effort and interest from Liberty Strategic Capital.

via Financial Times|
#bankruptcy#bc-partners#business
LIV Golf Cuts Most Staff as It Promises a Lean 2.0 Revival
leagues27 days ago

LIV Golf Cuts Most Staff as It Promises a Lean 2.0 Revival

LIV Golf informed the majority of its U.S. and U.K. employees that their jobs will end in early September as funding from Saudi Arabia’s PIF ends and the tour pivots to a leaner “LIV 2.0” plan. The company filed a WARN notice, aims for roughly 10 events per year, and targets profitability within three years, while pursuing new funding—about $250–$350 million—with a term sheet tied to a backer identified by reports as BC Partners’ credit arm—to keep LIV operating beyond 2026.

via Sportico.com|
#bc-partners#layoffs#leagues
LIV Golf Bets on a New Investor, but Details Remain Murky
sports1 month ago

LIV Golf Bets on a New Investor, but Details Remain Murky

LIV Golf says a new lead investor has been lined up to fund the tour through 2029, but details on who the investor is or how much money is coming remain unclear. Reports mention a potential loan from BC Partners and a lean plan to host only 10 events per year, raising questions about star participation and the fate of the $40 million Team Championship as the tour seeks long-term stability after losing Saudi backing.

via Defector|
#bc-partners#investment#liv-golf
LIV Golf seeks private‑equity lifeline to secure its future post-PIF
business1 month ago

LIV Golf seeks private‑equity lifeline to secure its future post-PIF

LIV Golf has signed a term sheet with BC Partners’ credit division to anchor a “LIV 2.0” investment as the Public Investment Fund winds down financing, with a definitive agreement possible next month to cover the tour through 2030. The deal aims to reassure star players—who are owed potentially hundreds of millions under existing contracts—that they will stay with a restructured, equity-backed league, potentially settling legacy liabilities at a discount via a pre-packaged bankruptcy to clear the path for new investors. Negotiations involve multiple parties and aim to have players collectively own a majority of the tour while ensuring they do not pursue further payouts from the PIF.

via Financial Times|
#bc-partners#business#golf