LIV Golf Reshapes Bankruptcy Plan with Revised Investor Deal and Player Commitment Rules

LIV Golf’s roadmap for LIV 2.0 advanced on Monday as the league formalized a restructuring support agreement (RSA) with BC Partners, the London-based private equity firm committed to financing the venture. BC Partners declared an “initial committed investment” toward a targeted $300 million in cumulative funding designed to support the league’s exit from Chapter 11 bankruptcy, aiming for a future model built around global team competition, a condensed schedule, and equity stakes for players.

Submitted alongside LIV’s ongoing bankruptcy case, the financing package remains subject to court ratification. LIV initiated its Chapter 11 proceedings on Sept. 8, with a confirmation hearing set for Oct. 14. Upon approval, the league intends to proceed with launching LIV 2.0 in 2027, a format expected to feature a 10-event calendar with roughly half of the tournaments hosted overseas. Monday’s announcement represented the first public remarks from BC Partners credit head Ted Goldthorpe regarding the investment.

“Our goal is to facilitate LIV Golf’s emergence from the restructuring process on sound financial footing and with renewed momentum heading into the 2027 season,” Goldthorpe stated. “Just as importantly, we want the players who make this league what it is to share in what they help build. Giving players real and actionable ownership in the league and the teams is a unique opportunity in professional golf, and it aligns everyone around the long-term success of the product for the game and for the fans.”

The RSA also introduced material modifications to LIV’s original bankruptcy filing and the initial agreement struck between the league and BC Partners.

Initially, BC Partners established Oct. 13 as the deadline for a “requisite number of players” to pledge support for LIV 2.0. The Monday filing pushed this deadline to Oct. 25 and recalibrated what constitutes a requisite number. Previously, ratification required commitments from both 50 percent of players holding financial claims and commitments representing at least two-thirds of LIV’s outstanding player debts; failure to meet these thresholds allowed BC Partners to withdraw. The amended motion omitted these specific benchmarks. Instead, “requisite players” now refers to whatever number is “necessary to ensure the continuation of the Company Parties’ business as a bona fide golf league.” Effectively, BC Partners retains discretion over whether LIV has secured sufficient player buy-in to operate. Central to the LIV 2.0 vision, and a key incentive for securing commitments, is the provision allowing participating players to retain 52.5 percent equity in the league’s revised structure.

Although Bryson DeChambeau has endorsed LIV’s revised vision, uncertainty persists regarding how many athletes will remain with the breakaway organization. Last week, Sergio Garcia petitioned the court to determine whether his contract was terminated due to the bankruptcy filing or whether he retains the unilateral right to terminate it, with recent documents indicating he may soon exercise that option independently. Meanwhile, Joaquin Niemann discussed options with Latercera prior to capturing the Chilean Open last weekend, noting he remains undecided “whether I want to stay and believe in what’s happening in the league or go play more in Europe and from there try to get on the PGA Tour.”

Regarding equity ownership in LIV Golf, Niemann told Latercera that while the proposal has merits, he is not yet convinced it suits his goals.

“Knowing that it’s something that I think could take a couple of years. I don’t know if it’s something I want to do at this stage of my career. So, these are questions I have to ask myself before making a decision,” Niemann said, in comments translated from Spanish.

O’Neil has dedicated recent months to stabilizing LIV following the Saudi Arabian Public Investment Fund (PIF) withdrawal of its perpetual funding commitment. He has been pursuing outside capital—secured via BC Partners—and persuading the player roster to adopt his LIV 2.0 vision, with commitments due by Oct. 25.

“We believe deeply in the future of this league and in the opportunity to build something distinctive alongside our players,” O’Neil said in a statement regarding the BC Partners investment. “We’re delivering on our major milestones, and while there is still work ahead, today marks meaningful progress toward a player-owned, team-focused, truly global league that complements the wider game and creates new opportunities for players, fans, partners, and the next generation of golfers.”

Speaking at a Sportico event in London on Tuesday, O’Neil and Goldthorpe discussed the impact of the ongoing conflict in the Middle East, which contributed to the PIF’s exit. O’Neil explained that the crisis compelled his team to overhaul their path to profitability and sustainability, resulting in a “scaled-down,” 10-tournament vision for LIV 2.0.

“Then a war happened and the funding dried up,” O’Neil said. “We had to get creative and we had to find discipline and we had to come together as a team and rewrite the business plan, moving from a Saudi-type business plan to a business-business plan.”

According to the Financial Times, the PIF has raised concerns regarding BC Partners’ involvement, alleging the firm is interested only in LIV for tax write-off purposes rather than to operate a profitable golf league. Goldthorpe, who expressed confidence that LIV franchises could soon be valued at “$100 million,” acknowledged the potential tax advantages on Tuesday but rejected the idea that they are the sole motivator.

“Yeah, of course,” Goldthorpe said regarding the potential tax breaks associated with LIV’s losses. “There’s a big NOL (Net Operating Losses) in the U.S. and the UK, but that’s not the driving force behind the investment. Some of this has been misconstrued. We’re all in on the LIV, and we’re very committed to it. The tax stuff is just an added benefit.”

The next critical milestone for LIV 2.0 arrives at the Oct. 14 hearing, where a judge will rule on approving the RSA and several other motions governing the league’s ongoing operations.

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