LIV Golf Files for Chapter 11 as League Pursues Player-Owned Reset

LIV Golf filed for Chapter 11 bankruptcy protection in New Jersey on Tuesday, opening a court-supervised restructuring that the league says is designed to keep the business operating and prepare a revised competition for 2027. The filing follows the withdrawal of financial support by Saudi Arabia’s Public Investment Fund, which had funded the breakaway circuit since its launch.

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The Associated Press reported that the filing lists estimated liabilities of between $500 million and $1 billion, compared with estimated assets of $100 million to $500 million. At least 1,000 creditors are listed, while four vendors have already sued over unpaid bills. Chapter 11 generally allows a company to continue operating while it reorganizes its debts under court oversight.

Players feature prominently among LIV Golf’s unsecured creditors. AP reported that 14 players appear among the 30 largest claims, led by Jon Rahm at nearly $7.5 million. Bryson DeChambeau, Dustin Johnson and Cameron Smith are also among the leading creditors. The figures in the filing represent unsecured claims and do not state the full value of the players’ contracts.

LIV Golf announced that it has reached a restructuring support agreement with BC Partners Credit for a proposed recapitalization. The league also said the Public Investment Fund has agreed to provide $49.6 million in debtor-in-possession financing, subject to court approval. That financing is intended to support operations during the bankruptcy process.

Chief executive Scott O’Neil said the proposed next version of LIV Golf would make players the majority owners. In a letter to supporters, he outlined a reduced schedule, a field expanded from 57 to 75 golfers, a 54-hole cut and Monday qualifying. The team format would be organized more closely around nationalities, with events continuing in markets including Australia, South Africa and Asia.

AP reported that LIV Golf’s final event of the current season was held in Indiana last month. The restructuring plan and proposed financing still require the necessary approvals, and the futures of leading players remain unsettled. LIV Golf says it intends to emerge from bankruptcy and begin the reworked league as early as 2027.