[REVISION HISTORY]

LIV Golf restructuring and player departures amid bankruptcy

Updated 36 times since CLSTR started tracking revisions of this situation.

What changed

2026-10-25 16:51 UTC → 2026-10-26 20:26 UTC · added ~~removed~~

LIV Golf is undergoing a major restructuring toward a new model termed ‘LIV 2.0’ following its Chapter 11 bankruptcy filing in New Jersey. This transition follows the decision by Saudi Arabia’s Public Investment Fund (PIF) to cease long-term funding after the 2026 season, providing only approximately $50 million in debtor-in-possession financing to assist the transition. To facilitate a 2027 relaunch, the league has entered a restructuring support agreement with BC Partners Credit involving up to $300 million in potential investment. The proposed ownership structure would distribute 52.5% of equity to players, 45% to BC Partners and other investors, and 2.5% to management. However, the restructuring requires at least 50% of players with financial claims to agree to the new model. The bankruptcy has triggered a mass exodus of star players. Jon Rahm has reached a separation agreement, waiving approximately $150 million in claims—including $7.5 million in missed payments—to retain control over his name, image, likeness, and the Legion XIII intellectual property. While Rahm retains rights to the “Legion XIII” brand, he is prohibited from using it for a team in TGL. Other high-profile departures include Sergio Garcia, David Puig, Brooks Koepka, and Patrick Reed. While some players like Bryson DeChambeau remain, a court motion was approved to reject current contracts for 19 other golfers, including Dustin Johnson, to allow them to seek other options. Amidst this instability, the DP World Tour has issued an ultimatum: players competing in LIV 2.0 in 2027 will not be permitted to hold DP World Tour membership. ~~Meanwhile, court documents~~ Furthermore, bankruptcy filings reveal that ~~LIV executives received millions~~ while the league faced mounting unpaid claims from vendors, it issued $15.6 million in retention ~~bonuses and settlements during the bankruptcy proceedings.~~ payments to seven executives shortly before seeking protection, including a $6.375 million bonus to CEO Scott O’Neil.

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