LIV Golf secures lifeline investor after Saudi PIF exit

LIV Golf has secured a lead investor, according to CEO Scott O’Neil, in a development that looks likely to save the rebel league from filing for bankruptcy after the exit of Saudi Arabia’s Public Investment Fund earlier this year.

Without identifying the parties involved, O’Neil said the investor had signed an agreement approved by LIV’s board, while others have shown interest in taking minority stakes.

Bloomberg reported that BC Partners’ credit arm was the party leading the group of investors.

“This is a moment that we’re very happy about, that we’re thrilled to announce, that we’re proud to be a part of,” O’Neil said on Thursday. “It’s certainly an investor of weight, and we’re all locked in on making it happen.”

LIV went into crisis in April when the PIF said it would withdraw its backing, following years of heavy losses and weak television audiences.

The league had started laying the groundwork for a potential U.S. bankruptcy filing if it failed to raise new money and also notified employees in the U.S. and U.K. last month that they faced mass layoffs.