BC Partners is pulling out of its deal to invest $300 million in the LIV Golf League, and barring a last-minute buyer, the breakaway circuit is likely headed toward a liquidation of its assets, sources told ESPN on Wednesday.
BC Partners had planned to replace Saudi Arabia's Public Investment Fund as LIV Golf's primary financier, but with not enough of the league's top golfers committed to return in 2027, it has opted to pull out, the sources said.
Only a handful of golfers have publicly said they intend to participate in LIV 2.0. Meanwhile, top stars including Jon Rahm, Sergio Garcia, Tyrrell Hatton, Ian Poulter have said they aren't coming back and will play on the DP World Tour next season instead.
A LIV Golf League spokesperson didn't immediately respond to a request for comment from ESPN.
A hearing is scheduled for Thursday with U.S. Bankruptcy Court Judge Michael B. Kaplan in which additional details might emerge.
LIV Golf voluntarily filed for Chapter 11 bankruptcy protection Sept. 8. The league indicated it had between $100 million and $500 million in assets and $500 million to $1 billion in liabilities.
The PIF announced in April that it wouldn't finance LIV Golf beyond this season after investing more than $5 billion in the circuit that lured away top PGA Tour stars such as Rahm, Bryson DeChambeau, Dustin Johnson and others with $30 million purses and guaranteed contracts of more than $100 million.
The Financial Times first reported Wednesday that LIV Golf was pivoting toward winding down its operations.