Lawyers representing Bryson DeChambeau are organizing a potential alliance of players to negotiate terms with the successor to the bankrupt LIV Golf league as it seeks to relaunch under new ownership. The proposed "steering" committee, supported by law firm Weil, Gotshal and Manges, would advocate for player interests directly with LIV’s new backers and in the ongoing Chapter 11 bankruptcy case in New Jersey, independently of the official creditors committee.
DeChambeau’s interest in the formation of a new team-based golf league comes amid reports that Jon Rahm, another leading LIV player, will not participate in the restructuring effort. Rahm’s legal counsel informed the bankruptcy court on Wednesday that the Spanish golfer was involved in “advanced discussions on a consensual separation agreement” with LIV, signaling his intent to part ways. Together, DeChambeau and Rahm are believed to hold the majority of around $400 million in outstanding payments owed by LIV to its players.
A recent agreement between LIV, its former financier the Public Investment Fund (PIF) of Saudi Arabia, and private equity firm BC Partners includes a $4 million additional contribution to an existing $50 million bankruptcy loan from PIF. This funding is intended to support the launch of “LIV 2.0.” However, PIF has warned the court that if a viable restructuring plan is not secured by the end of October, it will move to wind down the bankruptcy case, placing pressure on BC Partners to secure sufficient player commitments to proceed. BC Partners has indicated willingness to lead a $300 million investment to fund the new league but faces demands from PIF to inject capital immediately to demonstrate seriousness.
The deal obligates BC Partners to obtain agreements from a “requisite” number of players by October 25. Sources close to the process suggest no player has publicly committed to LIV 2.0, leaving BC to finalize and present a comprehensive business plan.
An unsecured creditors committee appointed in the bankruptcy case includes only one golfer, Michael La Sasso, alongside six trade vendors owed payments for goods and services provided to LIV Golf events. The league may owe over $100 million to these trade creditors. The creditors’ interests may differ from those of players, prompting some legal advisors to advocate for a player-only representative group.
BC Partners executive Ted Goldthorpe, speaking at a London conference, indicated that team franchises under LIV 2.0 could potentially reach valuations of $100 million or more. The revived league’s preliminary framework envisions players owning a majority stake as part of their settlement, with opportunities for additional earnings for those who participate. Goldthorpe compared the model to sports ownership examples such as David Beckham’s Miami team and Magic Johnson’s involvement with the Lakers, highlighting potential wealth creation at both team and league levels alongside prize money earnings.
LIV 2.0 intends to rehire former staff and has reportedly drafted an initial tournament schedule. Interest from large family offices in the proposed $300 million financing round has been noted. Negotiations with players, agents, and the current franchise operators are ongoing.
Players considering LIV 2.0 have raised concerns about potential restrictions from rival tours such as the PGA Tour and Europe’s DP World Tour that may limit their ability to compete across circuits within a season.
In related bankruptcy proceedings, golfer Sergio Garcia recently secured formal termination of his player agreement with LIV, a move necessary for him to pursue endorsements and join other tours. Other players have also sought formal contract terminations amid uncertainty over their involvement in LIV 2.0. Whether these players will rejoin the new league remains unclear.