The rebel LIV Golf tour's bid to relaunch itself after filing for bankruptcy has collapsed following the withdrawal of new lead investor BC Partners, multiple outlets reported Wednesday.
The private capital firm made the decision to walk away after struggling to convince several star players to fully commit to the league going forward, the Financial Times and the Athletic reported, citing anonymous sources.
The once free-spending Saudi-backed league that turned the golf world upside-down by luring superstars away from the traditional PGA Tour is now expected to have its remaining assets liquidated.
LIV Golf did not immediately respond to AFP request for comment.
Saudi Arabia's Public Investment Fund (PIF) had poured an estimated $5 billion into the tour since 2022, before abruptly pulling the plug earlier this year.
LIV formally filed for bankruptcy protection in September, though officials vowed to relaunch as "LIV 2.0" next season with a shorter schedule and reduced prize money, and equity stakes in the league for players.
New lead investor BC Partners Credit had pledged an initial funding commitment of a potential $300 million.
But several former LIV stars including Jon Rahm publicly announced their decisions to withdraw from the new version of the tour in recent weeks. Several others were believed to be on the fence.
Even Bryson DeChambeau – arguably the breakaway circuit's biggest name, who continued to back the tour – did not publicly commit to returning.
LIV's attempt to relaunch was made more complicated after the DP World (European) Tour reversed its policy of allowing golfers to appear in events on both tours, instead forcing the likes of Rahm to choose.
DP World Tour CEO Guy Kinnings on Tuesday told the Scotsman newspaper he had a duty "to protect the Tour against an entity who spent, so we are told, over $7 billion, with one of their aims being to 'destroy the DP World Tour'."
Golf superstar Rory McIlroy, an outspoken critic of LIV, on Wednesday lent his support to Kinnings' stance and said he also believed LIV had set out to eradicate its rivals.
"I agree with Guy... [LIV] were going around at Augusta this year telling people that that's what they wanted to do," McIlroy told reporters ahead of the DP World Tour playoff Abu Dhabi Championship event.
"And then, it's ironic that a week later, now they are talking about 'completing and not competing' and all that. That's different from what they were saying at the start of the year."
Documents from bankruptcy filings showed that LIV owes between $500 million and $1 billion in estimated liabilities to at least 1 000 creditors, including star players.
Rahm, DeChambeau and fellow golfer Dustin Johnson hold the largest unsecured claims against the tour, totaling more than $5 million each in immediate past-due payments.