LIV on the verge of extinction as financial backers pull out

Ahead of what could be a significant hearting in LIV's bankruptcy proceedings in the US on Friday, multiple outlets are reporting that BC Partners had opted to withdraw its proposed financial help due to a lack of commitments from star players. 

It leaves the playing future of Australian star Cam Smith, who was not among the players to confirm his exit, and the LIV Adelaide event up in the air. 

LIV golf filed for bankruptcy in September as part of its restructuring, rendering all player contracts void and several took the opportunity, with uncertainty around the new LIV 2.0 concept, to leave. 

Significant names including Jon Rahm, Sergio Garcia, Ian Poulter, Tyrrell Hatton, Louis Oosthuizen, Lee Westwood and Australian Lucas Herbert all opted to move on from LIV. 

Deadlines for player commitments to LIV 2.0 were extended until the end of October and despite reports up to 15 players were aligned with the new model, BC Partners opted to pull out leaving LIV officials with little hope of survival for the league. 

Bubba Watson, David Puig, Brandon Grace, Abraham Ancer, Thomas Pieters and Adrian Meronk were also set to depart LIV.

Of the big stars who signed nine-figure contracts to join LIV, only Bryson DeChambeau remained invested in the new model, which was set to include only 10 events and reduced prize purses from the $20m at each event under LIV's original model.    

“It’s going to be done right. And this is going to be a league, hopefully, that exists forever," he said on the Figuring Out podcast recently.  

Several LIV players, including Australian Elvis Smylie, are contesting the DP World Tour's qualifying school in a bid for cards in Europe, indicative of where they see their future, without having publicly declared an exit from LIV. 

It's been reported LIV could now be forced to liquidate all assets having failed to secure any other investors outside of BC Partners.