LIV Golf to Wind Down After BC Partners' $300 Million Rescue Deal Collapses

LIV Golf told a New Jersey bankruptcy court on Nov. 5, 2026, that it will wind down and liquidate after BC Partners Credit withdrew a proposed $300 million rescue financing for a relaunched LIV 2.0. The collapse leaves players including Bryson DeChambeau and Jon Rahm weighing paths back to the PGA Tour and DP World Tour.

Nov 07, 2026 - 15:19

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LIV Golf, the Saudi-backed breakaway circuit that split men's professional golf in 2022, will wind down its operations after a proposed $300 million rescue financing from BC Partners Credit fell apart. Attorneys for the league told the U.S. Bankruptcy Court for the District of New Jersey on Thursday, Nov. 5, 2026, that LIV was abandoning its planned relaunch, known as "LIV 2.0," and moving to liquidate under its Chapter 11 case, according to USA Today, BBC Sport and a statement from LIV Golf.

What Happened in Court

The decision was disclosed in a 13-minute hearing, The Guardian reported. "The debtors are not currently proceeding with the LIV 2.0 plan," said Matthew Williams of the law firm Gibson Dunn, LIV's lead counsel. "Instead, the debtors are toggling to a value-maximising wind-down in their business."

"Despite everyone's best efforts we just couldn't get to the level of combined financial and player support necessary for a viable LIV 2.0 within the required timeline," Williams told the court, according to BBC Sport. He added that the league's strategic committee could revisit the decision if circumstances changed.

Scott Greissman, a lawyer for Saudi Arabia's Public Investment Fund (PIF), told the court the fund had learned of the decision only hours earlier and respected it. "We look forward to working with the committee and the debtors toward an orderly wind-down by the end of the year," he said, per BBC Sport. The BBC reported that a disclosure statement and wind-down plan are due to be filed by Nov. 9.

Why the Rescue Failed

The court announcement followed reports on Wednesday, Nov. 4, that BC Partners Credit, which had agreed in October to become the league's new lead investor, was pulling out of plans to provide up to $300 million, USA Today reported. In a statement after the hearing, BC Partners Credit said it was "disappointed that mutually acceptable terms could not be reached among the various stakeholders," according to The Guardian.

A source familiar with the situation told Axios that more than 30 players had signed on to the restructuring support agreement, but BC Partners felt it needed additional players to make the league viable, and holdouts wanted more cash instead of equity. The BBC reported that high-profile names including Jon Rahm and Sergio Garcia had walked away from the league in recent weeks. LIV had already announced a 2027 schedule that included an event at Kooyonga Golf Club in Adelaide, Australia, from March 18 to 21.

The league's future had been in doubt since the PIF withdrew its backing in April, which led LIV to file for bankruptcy protection in September, BBC Sport reported. Axios put the fund's total investment in the league at more than $5 billion, while The Guardian reported the PIF spent more than $7 billion over five years.

LIV's Statement

In its official release, LIV Golf said the parties "were ultimately unable to reach a consensual resolution of certain outstanding terms" of the deal, that the restructuring support agreement had been terminated, and that the company would "remain open to, and continue to consider, any value-maximizing alternatives with third parties" during the wind-down. Gene Davis and Jon Zinman of the board's special committee called an orderly wind-down "the most responsible path forward for the League at this time."

Chief executive Scott O'Neil said the league had staged team and individual competitions across five continents, secured pathways to the Open Championship and U.S. Open, and earned Official World Golf Ranking points, with a roster representing more than 20 countries.

Where the Players Go Next

A PGA Tour spokesperson told GOLF.com the tour had no statement "at this time." GOLF.com noted that commissioner Brian Rolapp said in mid-September that the tour would not reintroduce its Returning Member Program, an offer extended earlier in 2026 to Brooks Koepka, Bryson DeChambeau, Rahm and Cameron Smith that only Koepka accepted.

Under the precedent applied to Patrick Reed, players such as Rahm and Smith could not return to the PGA Tour until Aug. 24, 2027, one year after their last start at LIV's final event outside Indianapolis, ESPN reported. Reed joined the DP World Tour after leaving LIV and is No. 2 in its rankings, earning a PGA Tour card for 2027.

The DP World Tour is expecting an influx of former LIV players, The Guardian reported. About 15 of them, including Rahm and Tyrrell Hatton, still hold DP World Tour membership. DeChambeau, a two-time U.S. Open champion who has never been a DP World Tour member, has a major-winner option to join that expires after 2027, with a Nov. 16 application deadline.

Reaction From PGA Tour Players

At the World Wide Technology Championship in Los Cabos, Mexico, several PGA Tour players said returning LIV golfers should face consequences, Golfweek reported. "Go back to Q-school," said Erik van Rooyen. Adam Scott, a player director on the tour's policy board, said, "I think they should re-qualify themselves."

Lucas Glover said "penalties need to be served," but added that he would welcome stars such as DeChambeau and Rahm "if they meet the criteria to come back." Camilo Villegas, another player director, noted the board meets "in a couple of weeks" and declined to share his opinion.