LIV Golf relaunch set to be abandoned

BC Partners Credit, which provides financing to middle-market companies, ⁠is dropping its bid to relaunch LIV Golf, the Financial Times reported on Wednesday.

The professional men’s golf league and PGA Tour competitor filed for bankruptcy protection in New Jersey in September as part of a restructuring. LIV has said it ‌plans to ⁠continue operating while it reorganises.

The private capital firm’s decision came as BC faced a deadline to show it had secured enough player support to hold a tournament series ‌in 2027, the FT said, citing people directly familiar with the ⁠matter.

BC Partners and LIV Golf did not ‌immediately respond to requests for comment.

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

LIV Golf launched in 2022 with funding from Saudi Arabia’s Public Investment Fund and lured leading players from the PGA Tour with lucrative contracts.