BC Partners seeks control of LIV Golf from Saudi wealth fund, FT reports

Nov 8 - BC Partners has revived efforts to create a successor to LIV Golf, the Financial Times reported on Sunday, after the breakaway circuit said it would wind down operations following the collapse of a proposed financing deal with the London-based private equity firm.

LIV Golf, which shook up professional golf after its launch in 2022, said on Thursday it would liquidate after losing key players and the funding needed to continue operating.

BC Partners is seeking to acquire a $50 million bankruptcy loan from Saudi Arabia's Public Investment Fund, the debtor-in-possession financing that would allow it to  exert control over LIV Golf's Chapter 11 bankruptcy process, the FT report said, citing people familiar with the matter.

Reuters could not immediately verify the FT report. BC Partners and LIV Golf did not immediately respond to a Reuters request for comment.

FINANCIAL BACKING

BC Partners has told counterparties it still believes a global team-based golf group can succeed and remains willing to commit additional money and time to launching a LIV successor, according to the FT report.

LIV filed for bankruptcy protection in September after the Public Investment Fund, which had invested more than $5 billion in the circuit since its launch, said it would end financial backing after the 2026 season. In April, the Saudi fund said LIV no longer fitted its investment strategy.

The FT had reported on Wednesday that BC had abandoned a separate plan to relaunch LIV after failing to secure enough player commitments. Under that proposal, BC had lined up as much as $300 million in financing to stage tournaments in 2027, however the effort unravelled after a number of prominent players declined to commit to the league, the report said.

The previous deal also collapsed after players made a series of demands that BC was unwilling to meet, the FT report added. The newspaper said between 15 and 40 players had expressed varying levels of interest, but some sought payment of financial guarantees that had been cancelled during the bankruptcy process and wanted the option to withdraw from the agreement even after signing commitments.

Among the high-profile golfers to leave LIV since its bankruptcy filing were Jon Rahm, Brooks Koepka and Patrick Reed. REUTERS