Oct 26 (Reuters) - LIV Golf on Monday appointed former TaylorMade chief executive Mark King as senior advisor of the rebel circuit that will soon learn if it will move ahead with a restructured 2.0 model or wind down operations.
King's role is effective immediately and comes at a critical point for LIV, which is attempting to emerge from Chapter 11 bankruptcy protection with a restructured ownership model and a proposed new investment arrangement with BC Partners Credit.
LIV, which in recent weeks
has seen some of its biggest names decide that they want no part of the league's uncertain future, said in a press release that King will be expected to recruit, build and serve as chairman of LIV Golf's Advisory Board for the next era of the league.
"His deep understanding and relationships in and around the professional golf industry, combined with his expertise in driving innovation and building high-performing organizations, makes him a valuable addition as an advisor to our team at this pivotal moment," LIV Golf CEO Scott O'Neil said in a press release.
King spent 34 years at TaylorMade, where he moved up the ranks, starting as a sales representative in the 1980s. He was named president in 1999 and CEO in 2002.
"Having spent much of my career in golf, I believe there is a tremendous opportunity for LIV Golf to establish itself as a competitive and enduring force in the game," said King.
"With a renewed business model that puts players at the centre, I see significant potential for the League to build on that foundation, and create lasting value for players, fans, and partners alike. I look forward to working with Scott and the team at LIV Golf."
According to LIV, the league is "laser focused" on advancing its conversations with players regarding their participation in 2.0 and it remains "on track" to secure the support needed to complete the recapitalisation transaction.
Former world number one Jon Rahm, who won three consecutive season-long individual titles on LIV since joining the circuit in late 2023, is among the big-name players who have decided not to stick with the league.
During a recent court hearing, a judge approved the amended restructuring support agreement between LIV and BC Partners, which allowed the rebel circuit to rehire staff and start planning initiatives for its next iteration.
The decision on how many players constitute a league and which players need to be included rests with BC Partners. The judge also approved the amended agreement in which BC Partners would provide as much as $300 million in financing to LIV Golf, including an initial $4 million.
BC Partners, which provides financing to middle-market companies, has said its funding would support what it described as the next phase of LIV Golf, under which players would become equity owners of both the league and its teams.
LIV Golf's next bankruptcy court hearing is scheduled for November 5.
(Reporting by Frank Pingue in TorontoEditing by Christian Radnedge)
