London
21 °C
Manchester
Glasgow
19 °C
Dublin
Belfast
Washington
15 °C
Denver
Atlanta
Dallas
Houston Texas
New Orleans
El Paso
Phoenix
Los Angeles
23 °C
6 °C
0 °C
-6 °C
9 °C
6 °C
New investor forecasts LIV Golf teams could be worth $100 mn each / Photo: Justin Casterline - GETTY IMAGES NORTH AMERICA/AFP
New investor forecasts LIV Golf teams could be worth $100 mn each
LIV Golf teams could be worth up to $100 million (£75 million) each, even though it's just under a month since the breakaway tour filed for bankruptcy protection, according to the man leading new investment into the troubled venture.
BC Partners Credit pledged an initial funding commitment of a potential $300 million to help LIV relaunch in 2027.
LIV, which spent billions of dollars luring top players away from the established PGA tour and triggered bitter divisions within golf, filed on September 8 for bankruptcy protection at a New Jersey court after losing the backing of Saudi Arabia's Public Investment Fund (PIF). The fund is estimated to have pumped some $5 billion into LIV since its launch in 2022.
The PIF's decision to pull the plug put LIV's future in doubt, but an agreement with BC, subject to approval from the bankruptcy court, could allow for a revival in fortunes next year.
"I think you could easily see a path in very short order to over a $100 million valuation per team," Ted Goldthorpe told Sportico's Invest London conference on Tuesday. "I think that's a real number."
But documents show LIV owes between $500 million and $1 billion in estimated liabilities to at least 1,000 creditors, including star players including Bryson DeChambeau and Jon Rahm.
The future of those marquee players remains deeply unclear.
BC signed an agreement with LIV last month, requiring them to re-sign half of the players owed money, as part of their financing plan.
However, there is no obligation for any golfer to rejoin with Sergio Garcia recently submitting court papers asking for his contract to be terminated.
"Our goal is to facilitate LIV Golf's emergence from the restructuring process on sound financial footing and with renewed momentum heading into the 2027 season," Goldthorpe said in a statement.
The first of several hearings related to the bankruptcy will be held later this week.
LIV Golf chief executive Scott O'Neil said: "We're delivering on our major milestones, and while there is still work ahead, today marks meaningful progress toward a player-owned, team-focused, truly global league that complements the wider game and creates new opportunities for players, fans, partners, and the next generation of golfers."
(S.Perez--TAG)
