UK investor commits $300m to revive LIV Golf

BC Partners Credit, a unit of UK-based private equity company BC Partners, has committed $300 million to LIV Golf as the bankrupt golf league seeks to rebuild following the withdrawal of financial backing by Saudi Arabia’s Public Investment Fund (PIF).

The professional men’s golf league, which was previously backed by the $1 trillion Saudi sovereign wealth fund, filed for Chapter 11 bankruptcy in the US last month. The filing showed between $500 million and $1 billion of liabilities, compared with between $100 million and $500 million of assets.

Chapter 11 is a legal process that allows a company in financial trouble to keep operating while it restructures its debts, ownership and finances.

“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,” Ted Goldthorpe, partner and head of BC Partners Credit, said in a statement.

As part of the revamped LIV Golf, players will become equity owners in both the league and the teams, a move aimed at attracting and retaining top talent.

The financing is subject to bankruptcy court approval, the statement said. The hearing is scheduled for October 14, according to media reports.

PIF confirmed in April that it would no longer support the expensive breakaway series after the current season. LIV Golf has reportedly cost Saudi Arabia more than $5 billion since its controversial 2022 launch.

As part of the bankruptcy process, the sovereign wealth fund agreed to provide a $50 million debtor-in-possession loan and exit the tour as a backer.

“LIV has been an expensive disaster,” Kieran Maguire, a UK sports economist, previously said.

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