Report: LIV Golf's new investors demand answers over Jon Rahm and Bryson DeChambeau

LIV Golf's search for fresh investment has reached a critical stage, with the Financial Times reporting that negotiations now hinge on one major issue: keeping the league's biggest stars on board after Saudi Arabia's Public Investment Fund (PIF) ends its financial backing this month. 

According to the publication, BC Partners' proposed financial commitment to LIV Golf is contingent on the breakaway tour retaining enough of its marquee players to ensure the league remains commercially viable beyond this season.

However, a number of the league's players are still believed to be owed substantial guaranteed payments under contracts originally funded by the PIF, creating one of the biggest obstacles to completing a deal.

The FT reports that the PIF is now considering settling those contracts at a discounted value in exchange for liability releases, allowing players to walk away from their existing agreements before signing fresh deals with a BC Partners-backed LIV Golf.

These new contracts are expected to combine traditional cash payments with equity stakes in what LIV Golf commissioner Scott O'Neil has described as the league's next chapter.

"The new investors will need assurances that those players are not going to pursue any more money from the PIF and say, 'we got stiffed'," one person involved in the negotiations told the Financial Times.

The FT's latest report paints a picture of increasingly complex negotiations involving LIV Golf, the PIF, prospective investors and players, with each party needing to make concessions before a definitive agreement can be reached.

One option reportedly under consideration is a pre-packaged bankruptcy process that would enable LIV Golf to shed legacy financial liabilities before new investment is completed. 

According to people familiar with the discussions, such a move would allow incoming investors to inject capital without inheriting obligations from the league's previous structure.

The latest developments follow comments from commissioner O'Neil at LIV Golf New York on Wednesday, where the American confirmed the league has signed a term sheet with a lead investor approved by the board.

"We're very fortunate that a lead investor has signed a term sheet approved by our board, which will carry and fund LIV going forward," O'Neil said.

Although O'Neil declined to identify the investor, Bloomberg reported late Wednesday that BC Partners' credit division is leading discussions over a potential financing package. 

Sources familiar with the negotiations cautioned that talks remain ongoing and that the size and structure of any investment could still change.

O'Neil also said he hopes a definitive agreement covering LIV Golf through to 2030 can be completed as early as next month.

One of the biggest unanswered questions though remains the future of several of LIV Golf's highest-profile players.

Jon Rahm is reportedly among those still owed significant guaranteed payments, with Monday Q Info claiming the Spaniard has approximately $150 million remaining on a contract that extends beyond the PIF's funding commitment.

Bryson DeChambeau, meanwhile, is among the players whose current LIV Golf agreement expires at the end of this season.

With BC Partners said to be leading funding talks with LIV Golf, the firm's investment in GSE Worldwide adds another layer of intrigue ahead of DeChambeau's contract decision.

O'Neil declined to confirm which stars have committed to the league's next phase, but he did admit he hopes DeChambeau and Rahm "come along for the ride".

There is also said to be uncertainly surrounding the remainder of LIV Golf's 2026 schedule this month. 

While the Indianapolis event is expected to go ahead in two weeks time, the league's Team Championship final in Michigan is reportedly at risk as negotiations continue. 

O'Neil, however, said no final decision has been made and that an update will be provided in due course.

After more than four years of virtually unlimited backing from Saudi Arabia's sovereign wealth fund, LIV Golf is entering the most significant period in its short history.

Securing fresh investment is only one part of the equation. 

The league must also resolve hundreds of millions of dollars in player commitments before a new ownership structure can take shape.

Whether those competing interests can be aligned over the coming weeks may ultimately determine what LIV Golf looks like in its post-PIF era.