LIV Golf 2.0 in trouble with financial backer reportedly pulling out

In short:

A reboot of rebel men's golf league, LIV Golf, appears to be in doubt after reports BC Partners is pulling its financial backing.

The league lost its financial backing from the Saudi Arabian Public Investment Fund, and was in need of a new backer.

The future of the league, which held a tournament in Adelaide, is now in serious doubt.

BC Partners, which provides financing to middle-market companies, is dropping its bid to relaunch LIV Golf due to an inability to secure enough player commitments, the Financial Times has reported.

The professional men's golf league, a competitor to the PGA Tour, filed for bankruptcy protection in New Jersey in September as part of a restructuring after Saudi Arabia's Public ​Investment Fund (PIF), which has ​invested more than $5 ⁠billion in LIV since its launch in 2022, announced it was ending its financial backing after the 2026 season.

LIV has said it plans to continue operating while it reorganises.

BC Partners's decision came as a deadline loomed to show there was enough player support to hold a tournament series in 2027, the FT said, citing people directly familiar with the matter.

The private capital firm and LIV Golf did not immediately respond to Reuters requests for comment.

Former world number one Jon Rahm is among a wave of high-profile golfers who have left LIV Golf since it filed for bankruptcy protection.

LIV is expected to appear at a hearing on Thursday, local time, in US bankruptcy court in Trenton, New Jersey, to discuss various contracts, leases and assets. It is unclear whether LIV's ultimate fate may also be discussed.

In October, BC Partners made an initial investment in LIV Golf, providing up to $300 million in financing to help the league emerge from restructuring and strengthen its finances ahead of the 2027 season.

LIV Golf lured leading players from the PGA Tour, including Phil Mickelson, Bryson DeChambeau, Brooks Koepka and Dustin Johnson, with lucrative contracts.

DeChambeau, one of the biggest names on LIV's player roster, recently said the league's business model for the proposed 2.0 era "makes a lot of sense" and that he hoped that it would last "forever".

Others have been critical of LIV Golf, with DP ‌World Tour chief executive Guy Kinnings saying LIV sought to undermine the European circuit.

"They took players; they took ​sponsors; they turned professional golf into an arms race," Rory McIlroy told reporters earlier on Wednesday ahead of the Abu Dhabi Championship.