On Tuesday in New Jersey, LIV Golf sought bankruptcy protection after its main financier, Saudi Arabia's Public Investment Fund, earlier this year chose to halt support for the league. PIF agreed to provide $49.6 million of debtor-in-possession financing.
The league said BC Partners Credit, along with additional investors, is expected to furnish exit financing to recapitalize the company on the other side of bankruptcy. It also said it remains in "advanced discussions" with players about taking control of the business.
Launched in 2022, LIV shook up pro golf by inking star players to huge contracts and promising quicker, showier tournaments. The whole effort rode on Saudi funding as part of a broader push into sports that also includes football and tennis.
Earlier this year, the Saudi backers shifted toward investments they viewed as offering better returns and opted to stop financing LIV. PIF had put an estimated $5 billion into the league over four years. News of the retrenchment surfaced in April, and over the subsequent months LIV failed to secure alternative financing to stave off bankruptcy.
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Keeping talent is now the make or break. Several marquee players who had departed for LIV have returned to the PGA Tour, accepting financial penalties to make the move. Others have not returned, and LIV is trying to keep them by settling what they were owed on prior contracts and by offering ownership in the league. In parallel, the league says it is in "advanced discussions" with players about taking control of the business.
This is a restructuring stress test. Watch the court timetable, how much exit financing actually lands, and whether enough marquee players stick. If players end up with ownership and fresh capital shows up, that will shape what a post-bankruptcy LIV looks like for anyone tracking the business side of sports.
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