LIV Golf secures funding from BC Partners Credit to support restructuring
FILE PHOTO: Golf – LIV Golf Invitational – London – Centurion Golf Club, St Albans, Britain – July 5, 2023 General view of the 18th hole at the Centurion Golf Club Action Images via Reuters/Paul Childs/File Photo
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Oct 5 : BC Partners Credit said on Monday it had made an initial committed investment in LIV Golf and planned to provide up to $300 million in financing to help the professional men’s golf league emerge from restructuring and strengthen its financial footing ahead of the 2027 season.
LIV Golf filed for Chapter 11 protection in New Jersey in September, beginning a court-supervised restructuring process the company hopes to complete in early 2027.
“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,” Ted Goldthorpe, partner and head of BC Partners Credit, said in a statement.
BC Partners Credit, which provides financing to middle-market companies, said the funding would support what it described as the next phase of LIV Golf, under which players would become equity owners of both the league and its teams.
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The financing remains subject to bankruptcy court approval and customary conditions.
“This investment is an important step forward for LIV Golf, and I want to thank Ted Goldthorpe and the entire BC Partners team for their conviction in what we’re building,” LIV Golf CEO Scott O’Neil said in a statement.
“We believe deeply in the future of this league and in the opportunity to build something distinctive alongside our players,” he said. “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 launched in 2022 with funding from Saudi Arabia’s Public Investment Fund and lured leading players from the PGA Tour with lucrative contracts.
The Chapter 11 bankruptcy protection filing, which came less than five years after it held its first event and created a schism in professional golf, revealed estimated assets of between $100 million and $500 million, with liabilities of between $500 million and $1 billion.
It also listed several star golfers, including Jon Rahm, Bryson DeChambeau, Dustin Johnson and Cameron Smith, as creditors still owed millions in unsecured claims.
LIV Golf said it would continue consultations with players and other stakeholders as it works through the next steps of the process. It noted the agreement with BC Partners Credit allowed for additional time to discuss players’ future participation in the league, the planned 2027 schedule and possible changes to the competitive format.
Source: Reuters
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