LIV Golf filed for Chapter 11 in New Jersey on September 8 and named BC Partners as the firm that would rescue it for a 2027 comeback. Saudi Arabia’s Public Investment Fund, which poured roughly $5 billion into the league before ending its backing, also agreed to lend $49.6 million to carry the bankruptcy case forward.
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The plan looked orderly and clean. But behind the scenes, PIF is now questioning whether BC Partners truly wants to run a golf league, and LIV faces another setback from its former financer, meaning an approximate $400 million value owed to the players could be in trouble.
“PIF is demanding behind the scenes that BC shows it is serious about LIV 2.0 and not just chasing the $5 billion NOL.”
Financial Times reporter Sujit Indap detailed the dispute in a Monday post on X with a report.
BC Partners may be leading the rescue, but the end goal is much bigger. By 2027, the reorganized company is expected to put the players in control, with its biggest stars holding the majority stake.
Simply put, NOL stands for net operating losses. LIV’s bankruptcy filing lists about $5 billion of them through 2025, and a company can use such losses to reduce future tax bills. That gives even a struggling business value to a buyer. Now, for the same reason, PIF is uncertain about BC Partners’ motive for its interest in the league. As PIF highlights, their interest could be to price the losses over the league.
As for the deal, BC Partners’ offer looks sizable on paper. It promises up to $300 million, split into a $127.5 million loan, $147.5 million in senior preferred equity, and $25 million in convertible preferred stock. With this, BC Partners could own up to 45% of the league, with players holding the majority.
Furthermore, as a way to ease PIF’s doubt about its sincerity, BC Partners has added a fresh $10 million loan. With that, the total comes to about 3% of the $300 million promised. And yet, it doesn’t do the job. Reasonably so, as the worries center on intent rather than any sort of repayment.
The doubts are not new either. BC’s courtship began in August, when Ted Goldthorpe, who leads its credit business, pitched players at LIV’s final event in Indiana. Yet LIV did not acknowledge the firm publicly until the filing. Questions about how firmly BC is committed resurfaced that day, including whether its money depends on other investors or on players staying. The report says BC and LIV have since clashed with PIF.
One spokesperson involved in the talks constantly put PIF’s stance bluntly to the Financial Times.
“PIF is not going to sell a corporate shell to a hedge fund,” they said.
Now, while this is being worked out, the standoff leaves players in a desert. Jon Rahm and Bryson DeChambeau, two of LIV’s biggest names, have not confirmed whether they plan to join LIV 2.0. Rahm told BBC Sport on September 8 that he still has a LIV 1.0 contract that he is willing to fulfill, and only time will tell his further decision.
The tussle is not without precedent either. PIF here holds real leverage. It fronts the bankruptcy through its $49.6 million loan, and LIV has entered the case with only $15 million in cash. PIF is also owed about $495 million under an earlier secured facility. Moreover, the restructuring agreement needs its signature alongside BC Partners and enough clout to keep the case moving.
The standoff, however, does not solve the problem. Indap added in the report that LIV has also not publicly disclosed its gross obligation to players.
“I am told it’s 400 million dollars, with the bulk owed to Jon Rahm and Bryson DeChambeau,” he said.
That combined figure reflects what the filing shows. Jon Rahm appears to owe $7.47 million, and Bryson DeChambeau could owe $5.76 million in unsecured claims. Notably, those cover only payments already due. The rest sits in future guarantees, which LIV is asking the court to void. Yardbarker reports Rahm could still receive more than $100 million from his original deal. Clearly, their owed funds seem to be in more and more danger.
For now, BC Partners’ $300 million depends on LIV signing a requisite number of players by October 13th, and the case returns to court on October 7th. If PIF stays unconvinced, that window could decide whether LIV 2.0 launches in January and how much of the approximately $400 million reaches Rahm, DeChambeau, and the rest.