LIV Golf to wind down after BC Partners deal fails

LIV Golf will wind down rather than launch a planned second version of the league after a proposed financing and restructuring deal with BC Partners failed, its lawyer told a New Jersey bankruptcy hearing on Thursday, November 5. Matthew Williams said the debtors were not proceeding with LIV 2.0 and would shift to a value-maximising wind-down. LIV said its restructuring agreement with BC Partners had been terminated because the parties could not resolve certain outstanding transaction terms. The league said it intended to move to an orderly wind-down and would remain open to considering value-maximising alternatives with third parties. No replacement transaction has been announced. The failed agreement had been intended to support a restructuring and the proposed LIV 2.0. BC Partners had pledged an initial funding commitment of up to $300 million, according to reports. BC Partners Credit said it was disappointed that mutually acceptable terms could not be reached among stakeholders, while supporting a transaction intended to align the interests of players and investors. The precise reasons the transaction failed have not been established in the court remarks and statements....