LIV 2.0 had $300 million of funding in place from BC Partners but could not secure enough players to service a planned 17-tournament global season. The DP World Tour is now expecting an influx of players who had been considering or committed to LIV 2.0. BC Partners claimed last month that they had 30 players committed to sign up, with another 10 still deliberating.
LIV Golf began bankruptcy proceedings in a New Jersey court on Thursday after primary financiers BC Partners withdrew, collapsing plans for a reborn rebel circuit known as LIV 2.0.
As a result, the RSA has been terminated, and the transaction is not expected to move forward at this time. Instead, the debtors are toggling to a value-maximising wind-down in their business.
While they have not commented publicly, DP World Tour officials are understood to feel that LIV’s imminent liquidation has vindicated their new hardline approach to the tour.
They proved unable to agree financial terms with enough of them, as they confirmed in a statement after the court hearing.
LIV subsequently released a statement confirming their withdrawal from the sport.
Matthew Williams of Gibson Dunn said in court that the debtors are not currently proceeding with the LIV 2.0 plan. Two-time US Open winner Bryson DeChambeau had been due to sign for the new tour next season. He had said recently that its business plan made a lot of sense and that the circuit would last forever.