Over the past five months, LIV Golf has lost its funding, canceled events and laid off most of its staff. Now, the breakaway circuit has filed for bankruptcy.
In a Tuesday letter addressed to fans, LIV Golf CEO Scott O’Neil announced the enterprise had “entered a court-supervised restructuring process that provides us with the time and framework to address previous financial obligations and complete a transaction that will make the league’s next phase a reality.”
He added that LIV Golf is “entering this process with a clear plan and the support of BC Partners,” which is the first time that the tour has publicly mentioned its relationship with the private equity firm after months of speculation. In August, O’Neil had said that LIV Golf had found a new lead investor, though he did not reveal who or what it was. Multiple reports identified it as the credit arm of BC Partners.
LIV Golf voluntarily pursued Chapter 11 bankruptcy protection in the District of New Jersey and is seeking recognition of the U.S. laws in England and Wales to maintain the value of its international assets and operations. The restructuring support agreement outlines a proposed transaction that would recapitalize the tour’s business and shift majority ownership to its players.
