LIV Golf is pursuing a "grand bargain" with private capital group BC Partners and Saudi Arabia's Public Investment Fund (PIF) to ensure its survival. LIV commissioner Scott O’Neil announced a term sheet with an unnamed investor, identified as the credit division of BC Partners, to anchor "LIV 2.0" after the PIF ends its funding this month.

A definitive agreement could be reached as soon as next month, potentially extending the tour to 2030. LIV has incurred billions in losses, and the PIF's withdrawal necessitates new investment. The negotiations are complex, with investors seeking assurances that LIV's top players, including Jon Rahm, will remain with the league, especially given potentially hundreds of millions in guaranteed payments owed to them.

The PIF may settle these contracts at a discount, allowing players to sign new deals with the BC Partners-backed circuit, potentially including equity stakes. This could involve a pre-packaged bankruptcy to resolve legacy liabilities. O'Neil confirmed equity would be a key incentive for players, envisioning them collectively owning a majority of the tour. The final event of the LIV season in Michigan is likely to be cancelled.