LIV Golf Incorporated and its affiliates (collectively, “LIV Golf” or the “Company”) today announced that it has entered into a Restructuring Support Agreement (“RSA”) with BC Partners Advisors L.P., the credit business of BC Partners (“BC Partners Credit”), which contemplates a proposed recapitalization transaction (the “Transaction”).
To effectuate the Transaction, which is intended to preserve the Company’s business as a going concern through an innovative player-first ownership model, the Company has voluntarily commenced a court-supervised restructuring process under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of New Jersey (the “Court”).
Under the proposed Transaction, the reorganized Company is expected to be majority owned by players, whom the Company remains in advanced discussions with, creating an ownership structure aligning players’ interests with the League’s long-term success.
“The people of LIV Golf, led by the players, have continued to show incredible resilience, commitment, and a shared belief in what we are building. Thanks to their tireless work, LIV Golf has created a foundation to entertain and inspire the next generation of global golf fans around the world,” said LIV Golf CEO Scott O’Neil.
“This process gives us the structure and time to pursue a landmark transaction and begin the next chapter of LIV Golf – one built around the fans, an innovative, player-first ownership model, and a part of the global golf ecosystem. We are excited about what lies ahead and yet, there is still much to accomplish in the months ahead. We believe deeply in LIV Golf’s future, the opportunity in front of us, and the people who will help us realize it. We are grateful to our players, the incredible team at LIV Golf, our Board, BC Partners, and our partners all over the world standing tall with us, and we thank them for their belief in our next chapter. A special thank you to Ducera Partners who drove this investment process. We will not rest until we deliver on LIV Golf’s full potential.”
“LIV Golf’s players, employees, and business partners have been central to its growth since its founding. In just a few years, they have built a global platform and expanded the game of golf worldwide,” said Gene Davis, Chairman of the Board’s Special Committee. “The Board’s priority is to protect what they have built. Working closely with Scott, management, and expert advisors, we reviewed all available options and believe today’s actions reflect the most responsible path forward for the League and its stakeholders.”
Consummation of the Transaction remains subject to, among other things, Court and relevant stakeholder approval. Consistent with the agreed case milestones, LIV Golf intends to emerge from chapter 11 and begin its new era in early 2027.
Additional Information about the Court-Supervised Process
The Public Investment Fund of Saudi Arabia (“PIF”) has agreed to provide $49.6 million in debtor-in-possession (“DIP”) financing on the terms set forth in the DIP credit agreement, subject to Court approval.
In addition, upon the Company’s emergence from chapter 11, BC Partners Credit and other potential minority investors are expected to provide exit financing and serve as the plan sponsor to capitalize the reorganized Company following Court approval.
The Company is also seeking recognition of the U.S. chapter 11 proceedings in England and Wales to preserve the value of its international assets and operations.
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