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BC Partners will no longer pursue its USD 300 million rescue of LIV Golf, the Financial Times reported on 4 November 2026. Bloomberg also reported that the firm intends to terminate the deal, citing one person familiar with the matter.

Gibson, Dunn & Crutcher is lead counsel to LIV Golf and Cole Schotz P.C. is co-counsel, LIV said when it filed. Court filings list Scott J. Greenberg, Matthew J. Williams, Keith R. Martorana, Robert E. Fitzgerald and Tommy Scheffer for Gibson Dunn. The Cole Schotz team includes Michael D. Sirota and Warren A. Usatine.

Paul, Weiss, Rifkind, Wharton & Garrison and Rimon P.C. act for BC Partners Credit, LIV said. White & Case and Pryor Cashman act for Saudi Arabia's Public Investment Fund (PIF), LIV's secured lender, according to an Octus case summary.

LIV Golf Incorporated and its affiliates filed for Chapter 11 (No. 26-20189) in the US Bankruptcy Court for the District of New Jersey on 8 September 2026. Judge Michael B. Kaplan approved the restructuring agreement with BC Partners on 14 October 2026, ESPN and Golf.com reported. He also allowed LIV to reject 19 players' contracts, the outlets reported.

At the hearing, Fitzgerald told the court the DP World Tour's decision to bar players from playing both tours was an attempt to interfere, ESPN reported. Players had until 25 October to commit to the relaunch, Golf.com reported.

The FT reported that about 15 players showed interest, but many declined to take part. BC Partners had committed an initial USD 4 million loan to keep LIV running, according to the FT and ESPN. The FT also reported it had hoped to acquire about USD 5 billion of LIV's tax losses.

If the deal missed the loan timetable, LIV would wind the business down through a liquidating trust part-funded by PIF, according to Octus. PIF was owed about USD 495 million at the time of filing, Octus said. LIV's cash stood at about USD 15 million, Octus said. PIF, which The National reported withdrew its backing in April, agreed to lend LIV USD 49.6 million in the bankruptcy, LIV said.

LIV said in September it was seeking recognition of the case in England and Wales.

A hearing before Judge Kaplan was scheduled for 11:30 a.m. ET on 5 November 2026, Front Office Sports reported. A lawyer for LIV was expected to tell the court the plan is no longer viable, The National reported.

Why it matters

This was a sponsor-led rescue that relied on players for restructuring partners and private equity credit teams, whom The National described as among LIV's most valuable assets. They were to accept lower upfront payments in exchange for majority ownership. If BC Partners leaves, the fallback set out at filing is a liquidating trust. Octus put PIF's debt at about USD 495 million and LIV's cash at about USD 15 million at filing, with player entities holding most of the largest unsecured claims.