LIV Golf Files For Bankruptcy Protection As It Plans Smaller Future

LIV Golf has filed for Chapter 11 bankruptcy protection in New Jersey as the Saudi-backed league attempts to restructure its finances and continue in a smaller format after losing the financial support of Saudi Arabia’s Public Investment Fund (PIF).

The league reported more than USD 500 million in debt, while its estimated assets stand between USD 100 million and USD 500 million. Its liabilities are estimated at between USD 500 million and USD 1 billion. The filing comes after PIF ended its financial support earlier this year. LIV’s final event was held in Indiana last month, while events in Louisiana and Michigan were cancelled.

LIV said it has reached a restructuring agreement with BC Partners, which will serve as the primary source of new capital. PIF has also agreed to provide USD 49.6 million in debtor-in-possession financing, subject to court approval.

CEO Scott O’Neil said the bankruptcy process would provide time to address LIV’s financial obligations and pursue a transaction aimed at creating a more sustainable future. The league hopes to emerge from bankruptcy and launch its revamped competition as early as 2027.

O’Neil’s proposed “LIV Golf 2.0” would feature a reduced schedule, with the field expanding from 57 to 75 players. The new format would introduce a 54-hole cut and Monday qualifiers, while teams could be organised around nationalities. LIV also plans to maintain a presence in markets such as Australia, South Africa and Asia.

The restructuring marks a dramatic change from LIV’s launch in June 2022, when it spent billions of dollars to attract leading PGA Tour players with lucrative contracts and signing bonuses. Its spending ultimately exceeded USD 5 billion.

The futures of major stars remain uncertain. Jon Rahm, Bryson DeChambeau, Dustin Johnson and Cameron Smith are among LIV’s leading listed creditors, with Rahm’s unsecured claim approaching USD 7.5 million.

LIV’s survival could ultimately depend on which of its biggest names remain with the league as it attempts to build a smaller, financially sustainable model.