LIV Golf plans wind-down after BC Partners rescue agreement ends

LIV Golf intends to wind down its operations after the agreement underpinning a proposed financial rescue was terminated, the league announced on Thursday. The decision ends its current attempt to reorganize with BC Partners Credit, although LIV said it would continue considering alternatives that could deliver greater value during the shutdown process.

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According to Golf Channel's reporting from the bankruptcy proceedings in New Jersey, LIV told the court it was moving toward liquidation after BC Partners withdrew a proposed $300 million investment. The broadcaster reported that the liquidation plan still requires approval at a later hearing. The announcement therefore marks a change of direction in the proceedings, rather than confirmation that the legal process has finished.

In its own statement, LIV said negotiations had failed to resolve outstanding terms of the transaction supported by its restructuring agreement. That agreement has now been terminated, and the proposed deal is not expected to proceed at this time. The league said its leadership, independent directors and advisers had been examining options for the business since April.

The reversal follows a different plan announced by LIV on September 8. At that point, the company said it had voluntarily entered Chapter 11 proceedings in New Jersey to pursue a recapitalization involving BC Partners Credit. The proposed reorganized business was expected to be majority-owned by players, with their participation still under discussion. LIV then aimed to emerge from bankruptcy in early 2027, subject to court and stakeholder approval.

That earlier proposal also envisaged financing from BC Partners Credit and potential minority investors when the company emerged from Chapter 11. The rescue was intended to preserve the league as an operating business, rather than close it. Its failure leaves that proposed ownership and funding structure unrealized.

LIV said the existing court-approved timetable already allowed for a wind-down if an acceptable reorganization could not be agreed. Board special committee members Gene Davis and Jon Zinman described winding down as the responsible course under the circumstances. The league's stated willingness to consider other proposals remains a qualification to its announcement, not confirmation that another rescue is in place.