LIV Golf Enters Chapter 11 With Player-Owned Restart Plan

LIV Golf filed for Chapter 11 bankruptcy protection in New Jersey on Tuesday, September 8, as the breakaway circuit seeks to reorganize after losing the financial backing that sustained it since launch. The Associated Press reported that the filing lists estimated liabilities of between $500 million and $1 billion, against estimated assets of $100 million to $500 million.

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The filing came after the Public Investment Fund of Saudi Arabia said in April that it would end its support for the league after the 2026 season. The fund had committed more than $5 billion to LIV, according to AP reporting, but the competition ended its latest season last month in Indiana after shortening its schedule.

LIV said it has entered a restructuring support agreement with BC Partners Advisors, whose credit business is expected to provide the principal capital for a recapitalization. The Saudi fund has also agreed to supply $49.6 million in debtor-in-possession financing, subject to approval by the bankruptcy court. Such financing is intended to support operations while the Chapter 11 case proceeds.

The proposed transaction would make players the majority owners of a reorganized LIV Golf. The league said it remains in advanced discussions with players, while chief executive Scott O'Neil has outlined a revised format that could begin in 2027. According to AP, that plan would expand the field from 57 to 75 players, introduce a cut after 54 holes and add Monday qualifying.

Player contracts and unpaid obligations are central to the court process. AP reported that Jon Rahm, Bryson DeChambeau, Dustin Johnson and Cameron Smith were the four leading creditors identified in the filing. Fourteen of the 30 largest creditors were players, with Rahm listed as holding an unsecured claim of nearly $7.5 million. The figures in the filing cover unsecured claims rather than necessarily representing the full value of remaining contracts.

The bankruptcy does not by itself end the competition, but the proposed restart remains dependent on court approval, financing and agreements with players. LIV says its future model would retain team competition, with teams organized more closely around national identities, and would concentrate on markets where the circuit has attracted support, including Australia, South Africa and parts of Asia.