LIV Golf is confronting significant financial challenges as bankruptcy filings have revealed that several high-profile players, including Australia’s Cameron Smith, are owed substantial unpaid sums. Smith, the 2022 Open Championship winner who committed to LIV Golf under a reported $200 million deal, remains one of the league’s largest unsecured creditors following the abrupt withdrawal of funding by Saudi Arabia’s Public Investment Fund (PIF).
The league, which was launched as a rival to the PGA Tour and funded primarily by PIF, entered bankruptcy proceedings in a New Jersey court as part of efforts to restructure its operations. According to court documents, Smith is owed millions in overdue payments dating from the third quarter of the current financial year. Other prominent players listed as major unsecured creditors include Jon Rahm ($10.3 million), Bryson DeChambeau ($8 million), Dustin Johnson ($7.6 million), and fellow Australian Lucas Herbert ($1.4 million). Many of these players signed large contracts in 2022 and 2023 when LIV Golf actively enticed top talent from the PGA Tour.
Despite the financial turmoil, LIV Golf has secured a potential lifeline through a deal with private equity firm BC Partners. The agreement positions BC Partners as an anchor investor for the league beginning in 2027, with plans to reduce the number of events, lower prize purses, expand the size of tournament fields, and reintroduce the traditional cut system, which had been abandoned by LIV since its launch.
The league’s highly successful tournament in Adelaide, Australia—recently recorded as the most attended golf event in the country—remains on the proposed schedule, contingent on LIV securing renewed player commitments. Sources familiar with the situation, speaking on condition of anonymity, indicated that up to 30 players previously contracted to LIV have expressed intent to stay and have been offered new equity-based contracts for the 2027 season and beyond.
Player responses to the uncertainty vary. Elvis Smylie, an Australian teammate of Smith on the all-Australian Ripper GC squad and winner of an individual event in Riyadh this year, said he has enjoyed his time with LIV but remains undecided about the future. Recovering from a rib injury, Smylie emphasized his current focus on maintaining his status on the DP World Tour before deciding whether to continue with LIV.
In recent weeks, LIV Golf has taken significant cost-cutting measures, including layoffs of a majority of its workforce, with plans to rehire many under a restructured iteration dubbed LIV Golf 2.0. The league is reportedly pursuing a global tournament schedule for 2027, including stops in Australia, South Africa, Hong Kong, Mexico, the United Kingdom, and the United States.
The bankruptcy filing marks a critical turning point for LIV Golf as it seeks to stabilize after PIF’s sudden exit from the multi-billion dollar investment. While the league is attempting to secure new funding and player commitments, its long-term viability remains uncertain amid the shifting landscape of professional golf.