LIV Golf Inc. and its affiliates filed on Sept. 8 for Chapter 11 proceedings with the US Bankruptcy Court for the District of New Jersey and, with a view toward recapitalization, entered into what they call a Restructuring Support Agreement (RSA) with BC Partners Advisors, the credit business of BC Partners. Ducera Partners too is helping to arrange the investment.
Under the terms of the RSA the company would emerge – presumably in early 2027 – under the majority-ownership of players.
Saudi Arabia’s Public Investment Fund (PIF) will be providing $49.6 million in debtor-in-possession (DIP) financing, while BC Partners Credit and other potential minority investors are to provide exit financing and serve as the plan sponsor to capitalize the company, which is seeking recognition of the US chapter 11 proceedings in England and Wales to preserve its international assets and operations.
The deal is subject to the approval of both the court and stakeholders.
LIV has “indicated,” according to ESPN, that it holds $100 to $500 million in assets and $500 million to $1 billion in liabilities. According to the same source, court records list the golfers Jon Rahm ($7.5m), Bryson DeChambeau ($5.7m), Dustin Johnson ($5.5m), Cameron Smith ($4.8m), Tyrrell Hatton ($3.4m) and Brooks Koepka ($1.7m) among the creditors with the 30 largest unsecured claims.
Golf Digest reports that the restructuring would “likely” release LIV’s players from their contracts and points out ties between BC Partners and GSE Worldwide, which represents many golfers, LIV stars among them. BC did indeed invest an undisclosed amount in GSE in September 2024.
PIF, meanwhile, invested more than $5 billion in LIV from the league’s announcement (in 2021) until this past April 30, when it announced that it would cease its investments beyond the 2026 season (Golf.com). LIV’s Chairman, Yasir Al-Rumayyan (also Governor of the PIF itself), had stepped down on the eve of that announcement (Sports Business Journal).
LIV announced in turn by press release last month and by X post on Aug. 5 that it had secured, with the board’s approval, an agreement with a “lead investor” for its “next era” – that is, 2027 and beyond.
