After LIV Golf filed for Chapter 11 bankruptcy in New Jersey on Tuesday, the details have slowly trickled out as to what it would take for the breakaway circuit to survive.

A proposed transaction with London-based private equity firm BC Partners that would inject $300 million in funding to the cash-strapped enterprise appears to be LIV Golf’s lifeline. But for that deal to be consummated, a “requisite number of players” who “equal or exceed (a) 2/3 in amount and (b) 1/2 in number of such Eligible Player Claims held by all Players” must commit to the tour within 35 days from the petition date, a period that ends in mid-October, according to the filing. That vague designation could be a proxy for some combination of the tour’s top stars, like Jon Rahm, Bryson DeChambeau or Dustin Johnson. Those three golfers are owed a combined $18.7 million as creditors, a number that only includes pre-existing obligations.

But the prospect of pulling that off has at least one other LIV Golf creditor on edge. “It feels very risky,” Jared Kleinstein, the founder and CEO of Fresh Tape Media, said in an interview. “I came into reading the case assuming the BC Partners deal was a great position for LIV 2.0 to be in. I’m hopeful for them, but cautiously optimistic that they can get the same threshold of the previous players.”

Kleinstein’s outfit has been locked in a legal battle with LIV Golf since filing a complaint in July. Fresh Tape Media, a creative agency that has worked with the Houston Rockets, the WNBA and Amazon Prime, to name a few of its clients, produced the tour’s opening media week in February, which the lawsuit describes as “a major multiday pre-season event for the LIV Golf league, featuring players, media, stakeholders and fans.”

The agency covered a wide range of operations for the event, including managing logistics, fabrication, production duties and more. In total, Fresh Tape Media was due more than $1.2 million. It was never paid, and eventually received settlement offers of $200,000 and $150,000 in May and June, respectively. Fresh Tape Media did not accept either, and Kleinstein declined to share how much has been spent on legal fees thus far, which is not covered in the outstanding $1.2 million balance.

“Our financial planning has protected us from having to make really drastic decisions, but that doesn’t mean it’s not affecting how we look at things like bonuses and what we can do for raises next [year],” David Herman, Fresh Tape Media’s general manager, said. “There are real consequences despite the biggest consequence being avoided because of good financial planning.”

The company was hardly the only one to be stiffed by LIV. Fresh Tape Media appears as the No. 21 ranked creditor in the bankruptcy filing, which is topped by Rahm ($7.5 million) and DeChambeau ($5.8 million) and includes more than $64 million in unsecured claims.

The filings also give a sense of LIV’s overall income last year. The documents say that the golf circuit’s largest revenue stream—sponsorships—was about $102 million in 2025 and that the total was 49% of the overall implied $208 million in revenue. Reverse engineered math from its hosting fees, which LIV says were “over $34 million” and 22% of the overall, imply a smaller number. Either way, the overall percentages are clear. Sponsorship is about half the business, followed by hosting fees (22%) and tickets/hospitality (16%). Broadcast rights and merchandise were both 5% each.

The term sheet of LIV’s arrangement with BC Partners shows the $300 million investment is divided into three main buckets—a $127.5 million term loan with warrants to buy an equivalent in 5% of the new LIV parent, $147.5 million in preferred equity with warrants that add to 10% of the new LIV parent, and $25 million in convertible notes that would eventually result in BC holding 30% of the new LIV parent. (More specific deal financials start on Page 109 of this document). That could eventually mean BC and its group would own 45% of the new LIV. Players, according to the document, would hold 52.5%, with management owning the resulting 2.5%.

As part of the deal, BC has the right to purchase an expansion team for $1 following the addition of two more teams. That right expires after 10 years. The firm will also receive 2% of all revenue generated by LIV for seven years after the new LIV reaches profitability. There are other contingencies built into the BC restructuring arrangement, according to the filings, including a 3% break fee and the aforementioned contingency on LIV getting enough players to sign on.

At this point, Kleinstein said he “can’t really speak to how we’re going to approach the bankruptcy,” while noting he’s aware of the varying options, like participating on a creditors committee. He’s hopeful LIV 2.0 can emerge from all this chaos and said it would be tough to watch the tour thrive if his company still hasn’t been paid. There’s no guarantee as to how much money the 21-employee Fresh Tape Media will be able to recoup, if any.

Still, Kleinstein didn’t rule out working with LIV Golf again under the right circumstances.

“If they paid upfront for the work, and it was the people who we love and trust on their team to work with, it would be a bad business decision to turn that down,” he said.