LIV Golf could be headed for liquidation after BC Partners Credit reportedly dropped plans to finance a relaunch of the breakaway league.
The investment firm had pledged up to $300 million for a revamped version of LIV, known as LIV 2.0, but withdrew the plan after LIV Golf failed to secure enough player commitments, according to the Associated Press.
LIV is scheduled to appear in U.S. bankruptcy court Thursday, with the hearing now expected to focus on liquidation of its assets. The league's ultimate fate remains unclear.
LIV Golf and BC Partners did not immediately respond to CNBC's requests for comment.
LIV filed for Chapter 11 bankruptcy protection in September after Saudi Arabia's Public Investment Fund said it would stop funding the league after the 2026 season.