LIV Golf collapse imminent after BC Partners withdraws

Driving the news: BC Partners — which had tentatively agreed to invest in a "LIV 2.0" league — is walking away, a source familiar with the matter confirmed Wednesday.

• The investment was always predicated on an unspecified number of players signing on — and at least 30 ultimately indicated interest in doing so, the person said. But economic terms remained a sticking point with some of their representatives.
• But the league was unable to secure enough support in time to meet the deadlines set in the bankruptcy case.

• LIV had also lost several stars in recent weeks, including Jon Rahm and Sergio Garcia, compromising its commercial appeal.

What's next: People involved in the case expect LIV to pivot to a liquidation.

• Spokespeople for LIV and BC Partners were not immediately available for comment.

Catch up quick: The Public Investment Fund — Saudi Arabia's sovereign wealth fund — confirmed in April that it was withdrawing support for the league after the 2026 season.

• PIF — which ultimately plunged more than $5 billion into LIV, according to Money in Sport — decided to ditch LIV after President Trump's war in Iran scrambled geopolitics in the Middle East and jolted energy prices.
• The fund said in a statement that the "substantial investment required by LIV Golf over a longer term is no longer consistent with the current phase of PIF's investment strategy."

Friction point: Critics of LIV and the players who joined it said the league amounted to "sportswashing" as the Saudis sought to redirect attention from allegations of human rights abuses.

• Defenders — including LIV member and former PGA superstar Phil Mickelson — said the league would help grow the game on a global scale.

What to watch: What the league's biggest star, Bryson DeChambeau, does next.