LIV Golf filed for Chapter 11 bankruptcy protection in New Jersey on September 9, citing liabilities exceeding $500 million as part of its effort to restructure without continued funding from the Public Investment Fund (PIF) of Saudi Arabia. The company’s CEO, Scott O’Neil, characterized the filing as a necessary step toward a reorganization aimed at reviving the league under a revised business model.
The bankruptcy filing follows the abrupt withdrawal of financial support by the PIF earlier this year, which led to the cancellation of several events, including those scheduled in Louisiana and Michigan. LIV Golf’s final tournament under the initial funding model was held last month in Indiana. The league is also facing legal challenges from four vendors who claim they have not been paid.
LIV Golf listed assets estimated between $100 million and $500 million and liabilities ranging from $500 million to $1 billion in the filing. The company identified a number of creditors, with leading professional golfers among those owed significant sums. Notably, players Jon Rahm, Bryson DeChambeau, Dustin Johnson, and Cameron Smith are among the top creditors. Rahm’s unsecured claim was listed at nearly $7.5 million. Among the 30 largest creditors, 14 were individual players, reflecting the debts accumulated through signing bonuses and contractual obligations.
The league said it has reached an agreement with BC Partners, a UK-based credit business, which will act as the primary source of new capital for the restructuring. Alongside BC Partners, other minority investors may participate in financing the company's emergence from bankruptcy, potentially as early as 2027.
As part of the bankruptcy process, the PIF has agreed to provide debtor-in-possession (DIP) financing of $49.6 million, subject to court approval, allowing LIV Golf to maintain operations while reorganizing.
O’Neil outlined a vision for “LIV Golf 2.0,” which would refocus the league with a reduced schedule and a revamped ownership structure that would give players a majority stake. The restructured league is expected to expand the player fields from 57 to 75 competitors and introduce a 54-hole cut and Monday qualifiers. The team format would also be reoriented around nationalities, aiming to leverage existing popularity in markets such as Australia, South Africa, and Asia.
Despite these plans, the new iteration will be much smaller in scale compared to the original version of LIV Golf, which launched in June 2022 with more than $5 billion in spending, including nine-figure signing bonuses to attract top talent from the PGA Tour. The sudden end of PIF backing in April forced the league to scale back.
Jon Rahm, currently competing at the Irish Open, said in an interview that he intends to fulfill his existing LIV contract, but acknowledged uncertainty about the future. The status of other prominent players remains unclear amid the restructuring.
The Chapter 11 filing is intended to provide LIV Golf with the opportunity to settle outstanding financial obligations and complete a transaction that will enable the league’s continuation under a new business framework.