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LIV Golf relaunch collapses as $300M backers withdraw
LIV Golf's $300M funding collapses after key stars refuse to commit.
In brief
LIV Golf's $300M funding collapses after key stars refuse to commit. LIV Golf's relaunch collapses as $300M backers withdraw after Bryson DeChambeau and other top players refused to commit to the new league. Originally reported by Dailymail.
LIV Golf relaunch collapse
LIV Golf's relaunch looks set to collapse after BC Partners Credit decided to drop its $300 million backing of a new iteration of the league.
Saudi funding withdrawal
The Saudi Public Investment Fund pulled its massive funding in LIV Golf earlier this year.
Chapter 11 bankruptcy
After filing for Chapter 11 bankruptcy protection in September, the league looked to find a way to survive and launch 'LIV 2.0' without the Saudi riches.
BC Partners' $300M commitment
BC Partners committed to investing around $300 million as long as certain conditions were met.
Player commitments
But they had a deadline to show it had enough player support for a 2027 league and, according to the Financial Times, has now shelved its backing due to a lack of player commitments.
Big names refuse to commit
According to the Sports Business Journal, a source said: 'None of the big names signed', later confirming that included Bryson DeChambeau, Dustin Johnson, Joaquin Niemann and Cameron Smith.
Only four players committed
Only four players had publicly committed - Cameron Tringale, Richard Bland, Brendan Steele and Ben Campbell.
Bryson DeChambeau's statement
Just this week, Bryson DeChambeau spoke publicly about the relaunch and said he hoped it could last 'forever' under new ownership.
DeChambeau's financial model
DeChambeau told host Raj Shamani: 'The business model makes a lot of sense... It's going to be done right. And this is going to be a league, hopefully, that exists forever'.
LIV Golf wind-down
The league is now pivoting to a complete wind-down and shutting down LIV Golf entirely as BC Partners felt time had run out.
Bankruptcy court process
The liquidation process is expected to start in a New Jersey bankruptcy court on Thursday.
Other big names
Numerous big names publicly declared they would not return in recent weeks, including Jon Rahm, Tyrrell Hatton, Sergio Garcia and more.
BC chief's statement
Speaking to Bunkered last month, BC chief, Ted Goldthorpe, said: 'The players are everything. They're our partners and they're very, very important to our future'.
LIV Golf collapse consequence
LIV Golf is set to wind down permanently after the $300M backer of 'LIV 2.0' withdrew funding.
Here's the gist
LIV Golf's relaunch collapses as $300M backers withdraw after Bryson DeChambeau and other top players refused to commit to the new league.
