LIV Golf Files for Chapter 11 as 2027 Restructuring Takes Shape

What happened: LIV Golf filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of New Jersey on Tuesday, beginning a court-supervised attempt to reorganize the breakaway circuit. LIV said it had also entered a restructuring support agreement with BC Partners Credit for a proposed recapitalization designed to preserve the business as a going concern.

The Associated Press reported that LIV listed estimated assets of between $100 million and $500 million, against liabilities ranging from $500 million to $1 billion. The filing followed the end of financial support from Saudi Arabia’s Public Investment Fund, which had backed LIV since its launch and transformed the economics of elite men’s golf through large player contracts and prize funds.

LIV said the restructuring is intended to create a player-first ownership model alongside new financial investors. According to AP, the proposed version would make players majority owners, expand the field from 57 to 75 golfers, introduce a 54-hole cut and operate a reduced schedule. The league has said it aims to emerge from bankruptcy and launch that format as early as 2027, although the plan remains subject to the restructuring process and court approval.

Financing is central to whether that plan advances. AP reported that the Public Investment Fund agreed to provide $49.6 million in debtor-in-possession financing, subject to court approval. BC Partners Credit and any additional minority investors would be expected to provide exit financing. Chapter 11 allows a company to keep operating while it addresses debts and seeks approval for a reorganization.

Why it matters: the filing leaves the status of LIV’s player agreements and roster uncertain. Axios reported that LIV asked the bankruptcy judge for permission to reject existing player contracts, including those involving Bryson DeChambeau, Jon Rahm and Phil Mickelson. Court approval would be required, and the request does not by itself settle where any player will compete next.

The case also arrives after a shortened finish to LIV’s 2026 season. AP reported that the Louisiana event was postponed, the Michigan event was canceled and the team championship was folded into the final tournament in Indiana. LIV chief executive Scott O’Neil described the process as a route toward a new phase for the league, but the competition’s 2027 return now depends on financing, court decisions and the eventual terms offered to players.