LIV Golf files for bankruptcy with US$300m rescue under negotiation

LIV Golf has filed for Chapter 11 bankruptcy protection in New Jersey as it seeks to restructure the competition around a proposed US$300m investment from BC Partners and a new player-led ownership model.

Court filings show the Saudi-backed league entered bankruptcy with approximately US$15m in cash after receiving around US$5bn in equity and a further US$500m loan. Its listed assets are between US$100m and US$500m, while liabilities are estimated at US$500m to US$1bn.

Saudi Arabia’s Public Investment Fund has agreed to provide US$49.6m of debtor-in-possession financing, subject to court approval. LIV is also attempting to convert player claims into equity and replace existing multi-year contracts as part of a smaller 2027 relaunch.

Fourteen players are among the competition’s 30 largest unsecured creditors. Jon Rahm is reportedly owed almost US$7.5m, while total amounts due to players exceed US$45m. Participation in the proposed new structure will be voluntary.

The restructuring plan envisages a 75-player field, ten events and changes to the team format. LIV must secure sufficient player support and complete its rescue negotiations by early October or risk the process moving towards liquidation. The filing marks a fundamental reset for a competition that reshaped professional golf through unprecedented player spending but failed to establish a sustainable standalone commercial model.