LIV Golf faces shutdown as $300m rescue deal collapses and stars walk away

LIV Golf's future is hanging in the balance after its proposed $300 million rescue deal reportedly collapsed, leaving the breakaway league facing the prospect of winding down operations.

BC Partners Credit has abandoned plans to invest in a revamped LIV Golf 2.0, according to the Financial Times, dealing another significant blow to the league's hopes of continuing beyond 2026.

The investment was dependent on LIV securing commitments from enough players to make a new tournament series commercially viable, but that target was ultimately missed.

According to Sports Business Journal's Josh Carpenter, several of the league's biggest names failed to sign contractual commitments this week, including Bryson DeChambeau, Cameron Smith, Joaquin Niemann and Dustin Johnson. 

"None of the big names signed. Dustin Johnson, Cam Smith, Joaquin Niemann, Bryson DeChambeau," Carpenter posted.

LIV had been working towards a deadline set by Saudi Arabia's Public Investment Fund (PIF), its majority shareholder, to secure the required number of players and trigger BC Partners' proposed $300 million investment.

That deadline was reportedly extended several times, having initially been set for mid-October before moving to October 25 and eventually being pushed back to last Friday.

Despite some players confirming their intention to return, including Richard Bland and Ben Campbell, LIV ultimately failed to secure enough of its leading attractions to make the proposed relaunch viable.

The Athletic has reported that the league will now pivot towards a wind-down, citing multiple sources briefed on the situation. 

BC Partners reportedly believes it has run out of time to make LIV 2.0 work.

The situation has been made worse by a growing exodus of established players. 

Jon Rahm's departure was confirmed last month during bankruptcy proceedings in New Jersey, with Tyrrell Hatton and Tom McKibbin also leaving his Legion XIII team.

European Ryder Cup heroes Sergio Garcia, Ian Poulter and Graeme McDowell have also walked away in recent days, adding to the uncertainty surrounding the league's playing roster.

In an attempt to signal that its future remained secure, LIV recently announced the appointment of former TaylorMade chief executive Mark King as a senior adviser and future chairman of its advisory board.

However, that appointment has failed to prevent the collapse of the proposed investment deal.

The league's financial difficulties began to intensify in April, when PIF confirmed it would withdraw its funding beyond 2026. 

PIF governor Yasir Al-Rumayyan subsequently stepped down as chairman of LIV's board, although chief executive Scott O'Neil continued to insist the organisation would fight to secure its future.

LIV had reportedly made some progress commercially during 2026. The league attracted sponsorship agreements with major companies including Salesforce and HSBC, while expanding its reach into markets such as South Africa and Australia. Events in those countries attracted hundreds of thousands of spectators.

Executives on LIV also highlighted improvements in revenue during Masters week, with O'Neil previously telling prospective commercial partners that the league had funding secured through 2032. However, the underlying financial picture remained challenging.

LIV has received up to $5 billion in backing from PIF since its investment operation was established in 2021, yet its spending has continued to outweigh its commercial progress. 

Its UK entity, responsible for operating international tournaments, reportedly recorded losses exceeding $460 million in 2024.

O'Neil also acknowledged earlier this year that LIV remained between five and 10 years away from profitability.

With BC Partners now reportedly withdrawing its proposed investment, the immediate question is what happens next to LIV's players, broadcasters, employees and commercial partners.

Another bankruptcy court hearing is scheduled for Thursday, with the proceedings potentially providing further clarity on the league's future.

After spending billions attempting to reshape professional golf, LIV now faces the prospect of bringing its five-year experiment to an end.