LIV Golf secures $300 million funding commitment for 2027 relaunch after bankruptcy filing

LIV Golf has been thrown a financial lifeline that could see the series relaunch in 2027.

BC Partners Credit has committed an initial $300 million (£227m) in funding, a deal that remains subject to approval from the bankruptcy court.

The commitment gives the breakaway circuit the chance to reset next year after a period in which its future was cast into doubt. That doubt followed LIV’s decision to file for bankruptcy last month.

The filing came after Saudi Arabia’s Public Investment Fund (PIF) announced it was withdrawing its support at the end of the season. The Public Investment Fund had spent $5bn (£3.7bn) on the venture over four years.

As part of its financing plan, BC signed a term sheet with LIV last month. The term sheet requires LIV to sign half of the players to whom it owes money. There is no obligation for the current crop of players to rejoin, however.

Scott O’Neil said the announcement marked ‘meaningful progress’ for the LIV Golf relaunch (Getty)

Sergio Garcia last week submitted court papers asking for his contract to be terminated.

The bankruptcy papers showed LIV owed $64m (£48m) to its top 27 creditors at the time of the filing. Of that sum, $45m (£34m) was owed to current and former players. The papers did not include future obligations.

Reports suggested Jon Rahm is owed up to $150m (£113m) for the remainder of his contract.

“Our goal is to facilitate LIV Golf’s emergence from the restructuring process on sound financial footing and with renewed momentum heading into the 2027 season,” said Ted Goldthorpe, partner and head of BC Partners Credit.

The first of several hearings related to the bankruptcy will be held later this week.

“We’re delivering on our major milestones, and while there is still work ahead, today marks meaningful progress toward a player-owned, team-focused, truly global league that complements the wider game and creates new opportunities for players, fans, partners, and the next generation of golfers,” LIV Golf chief executive Scott O’Neil said.

Last month, Lee Westwood labelled LIV Golf a “breath of fresh air” as he called on the series to learn from past mistakes.

Speaking to talkSPORT, Westwood said: “I enjoy playing on LIV. It’s a breath of fresh air and, yes, we’re being kept informed on LIV 2.0, the new partner coming in.

“I think everybody understands that there were mistakes made with the first one.”