(Photo credit: Jerod Ringwald)

LIV Golf is expected to wind down operations after BC Partners Credit pulled its proposed $300 million investment in the league, multiple media outlets reported Wednesday.

BC Partners was looking to replace Saudi Arabia's Public Investment Fund as the primary financial backer of a circuit that has been trying to emerge from bankruptcy.

The uncertainty around the league led some LIV players to seek a return to the PGA Tour or DP World Tour. The DP World Tour has said that LIV players will not be eligible for membership on its circuit for 2027.

Jon Rahm, Sergio Garcia, Ian Poulter and Tyrrell Hatton are among the notable players who have left LIV Golf this year. An estimated 30 golfers have committed to a planned LIV 2.0, with another 10 players undecided, The Athletic and The Financial Times reported.

BC Partners withdrew its financing bid as the private capital firm questioned the league's viability as deadlines for commitments approached. LIV Golf filed for bankruptcy in September, with a hearing scheduled for a U.S. Bankruptcy Court in New Jersey on Thursday. The liquidation process could begin then.

A LIV Golf spokesperson did not immediately respond to requests for comment from The Athletic and ESPN.

The Saudi PIF has spent an estimated $5 billion -- largely on tournament purses and guaranteed contracts to entice star golfers -- since starting the league in 2022. It announced in April that it would pull its support for LIV Golf after five seasons.

The Financial Times reported that LIV told the bankruptcy court in September that it would shutter the business if BC Partners did not continue a bona fide league within a few weeks.

PIF, which owns 99% of LIV, extended $550 million of senior loans that had the highest priority for payment, according to the report.

The bankruptcy case will address claims by players related to contract guarantees and from vendors owed money for services, with the total value of the claims reaching into the hundreds of millions of dollars, The Financial Times reported.

--Field Level Media