LIV Golf Files Chapter 11 Bankruptcy After Saudi PIF Ends Funding

LIV Golf entered voluntary Chapter 11 bankruptcy in the New Jersey District U.S. Bankruptcy Court on September 8, marking a formal pivot to court-supervised restructuring after Saudi Arabia's Public Investment Fund ended its financial backing of the league.

The filing exposes the scale of LIV's financial crisis. According to Front Office Sports, the league estimates liabilities between $500 million and $1 billion against assets between $100 million and $500 million. The Saudi PIF has committed $49.6 million in debtor-in-possession financing, a mechanism that allows the company to continue operations during bankruptcy proceedings, though that sum represents less than 10 percent of LIV's estimated liabilities.

London- and New York-based BC Partners Credit is backing a restructuring support agreement and exploring what Front Office Sports describes as a "recapitalization transaction" with LIV. BC Partners is expected to provide exit financing to complete the restructuring, though the deal remains subject to court and stakeholder approval.

LIV plans to transition to a new ownership model in which players hold majority equity stakes, per Front Office Sports. The league is in advanced discussions with players about the restructuring's next steps. An independent board of directors, chaired by Gene Davis, was created after the PIF announced its exit. Scott O'Neil serves as LIV CEO.

The bankruptcy filing reveals substantial unsecured debts. According to Front Office Sports, Jon Rahm faces the largest unsecured claim at $7.47 million as part of a player participation agreement, though he is reportedly still owed more than $100 million from his nine-figure contract signed before the 2024 season. IMG Media is owed $3.2 million as a vendor creditor. Other creditors include GSE Worldwide, DeChambeau's agency ($1.28 million); golf influencer Rich Shiels ($1.39 million); Louisiana state government ($1.22 million); and Fresh Tape Media ($1.2 million), which has sued LIV over unpaid invoices.

LIV is pursuing recognition of the bankruptcy in England and Wales to preserve international assets and operations. The league intends to resume competition in 2027 with expanded field sizes (75 players per event, up from roughly 57 this past season) and new pathways including Monday qualifiers. Events are planned across five continents including Australia, South Africa, Mexico, England, Hong Kong, and the United States. Front Office Sports notes that no definitive decisions regarding the 2027 schedule or individual events have been announced.