New Delhi, Nov. 5 -- not enough players willing to take part. BC Partners has reportedly abandoned financing of up to $300 million for a revived league, leaving the circuit facing possible liquidation ahead of a November 5 bankruptcy hearing in New Jersey.

The withdrawal threatens the player-owned version of LIV planned for 2027. It does not mean a court has already ordered the league liquidated. The immediate question is whether another buyer can preserve the business or whether the bankruptcy proceedings will move toward selling assets and winding down operations.

CBS Sports reported that approximately 15 players had expressed interest in the proposed relaunch, while the investment firm had expected at least twice as many. The report,...