LIV Golf filed for Chapter 11 bankruptcy protection on Tuesday after Saudi Arabia's Public Investment Fund withdrew its multibillion-dollar backing, leaving the upstart golf league scrambling to restructure and freeing all its players to explore opportunities elsewhere.
The filing in the District of New Jersey shows several of LIV's biggest stars are owed substantial sums. Jon Rahm, Bryson DeChambeau, Dustin Johnson and Cameron Smith are among those owed millions of dollars, according to court documents.
"This process gives us the structure and time to pursue a landmark transaction and begin the next chapter of LIV Golf—one built around the fans, an innovative, player-first ownership model, and a part of the global golf ecosystem," LIV CEO Scott O'Neil said in a press release.
The bankruptcy filing had been anticipated for months after PIF announced in April that it would stop funding the five-year-old league. LIV concluded its 2026 season in Indianapolis in late August, finishing one week earlier than scheduled after canceling its planned finale in Michigan.
Restructuring Plan Centers on BC Partners
Under the proposed restructuring agreement, London-based private-equity firm BC Partners would finance an attempted return in 2027 through what LIV described as a "recapitalization transaction." The plan requires court approval and could transfer majority ownership of the league to its players.
BC Partners has ties to GSE Worldwide, the agency representing a significant portion of LIV's roster. Questions remain about the financing structure, including whether it's structured as a loan, dependent on additional investors, or contingent on retaining a certain number of players.
PIF has agreed to provide nearly $50 million in debtor-in-possession financing to allow LIV to continue operating during the proceedings. BC Partners and other prospective investors are expected to provide financing once the league emerges from Chapter 11.
Players Free to Explore Other Options
The restructuring would likely release LIV players from their existing contracts, allowing them to pursue opportunities with other tours. Golf Digest reported earlier this year that agents representing several LIV players had contacted the PGA Tour and DP World Tour to explore possible paths back to those circuits.
The bankruptcy comes just over a week after LIV terminated most of its remaining staff, marking another sign of the financial distress that has plagued the league in recent months.
LIV was founded in 2021 with its first season taking place the following year, attracting high-profile players with massive guaranteed contracts funded by Saudi Arabia's sovereign wealth fund. The league positioned itself as a disruptor to traditional professional golf, offering a different format and substantial prize money.
The filing seeks to extend U.S. bankruptcy protections to LIV's international assets as the organization attempts to navigate its financial restructuring while maintaining operations across multiple countries.
