The rebel golf tour that promised to revolutionise the sport with Saudi billions is dead. LIV Golf’s desperate bid to relaunch after bankruptcy has collapsed spectacularly following BC Partners’ withdrawal as lead investor, leaving the once free-spending breakaway circuit facing liquidation after burning through an estimated $5-7 billion in barely three years.

The private capital firm walked away after failing to convince star players to commit to “LIV 2.0,” the Financial Times and Athletic reported Wednesday, citing anonymous sources. That player exodus, featuring public departures from Jon Rahm and conspicuous silence from even loyalist Bryson DeChambeau, proved fatal to resurrection hopes that were already on life support.

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Saudi Arabia’s Public Investment Fund poured roughly $5 billion into the tour since 2022, luring superstars away from the PGA Tour with guaranteed money that turned professional golf upside-down. Then the Saudis abruptly pulled the plug earlier this year, forcing LIV to file bankruptcy protection in September whilst vowing to return next season with reduced schedules, smaller prize purses and player equity stakes.

BC Partners Credit pledged an initial $300 million funding commitment. It wasn’t enough. When the players wouldn’t commit, the money disappeared and the dream died.

The stars abandoned ship

Rahm’s public withdrawal in recent weeks symbolised LIV’s credibility collapse. DeChambeau, arguably the circuit’s biggest remaining name and most vocal supporter, never publicly committed to returning despite continued backing.

The DP World Tour accelerated LIV’s demise by reversing its dual-participation policy, forcing players like Rahm to choose between established European competition and the bankrupt Saudi experiment.

Also read: McIlroy backs DP world tour’s hardline LIV Golf ultimatum

DP World Tour CEO Guy Kinnings justified the hardline stance Tuesday by telling the Scotsman he had a duty “to protect the Tour against an entity who spent, so we are told, over $7 billion, with one of their aims being to ‘destroy the DP World Tour’.”

McIlroy: “They wanted to destroy us”

Rory McIlroy, LIV’s most outspoken critic throughout its brief, chaotic existence, backed Kinnings’ assessment Wednesday ahead of the Abu Dhabi Championship.

“I agree with Guy… [LIV] were going around at Augusta this year telling people that that’s what they wanted to do,” McIlroy told reporters. “And then, it’s ironic that a week later, now they are talking about ‘competing and not competing’ and all that. That’s different from what they were saying at the start of the year.”

Bankruptcy documents revealed LIV owes between $500 million and $1 billion to at least 1,000 creditors, including the very star players it recruited. Rahm, DeChambeau and Dustin Johnson hold the largest unsecured claims, more than $5 million each in immediate past-due payments.

Seven billion dollars spent trying to destroy traditional golf. Zero championships that matter. One bankruptcy filing. The Saudi experiment is over, and the assets are heading to liquidation.

Turns out you can’t buy legitimacy, even with infinite oil money.