[REVISION HISTORY]

LIV Golf files for Chapter 11 bankruptcy to restructure

Updated 24 times since CLSTR started tracking revisions of this situation.

What changed

2026-09-09 17:47 UTC → 2026-09-09 22:23 UTC · added ~~removed~~

LIV Golf ~~has~~ and 57 related entities have filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of New ~~Jersey following~~ Jersey. The filing follows the withdrawal of primary financial support from Saudi Arabia’s Public Investment Fund ~~(PIF). The PIF~~ (PIF), which had contributed an estimated $5 billion since the tour’s inception in 2022. The league reports liabilities between $500 million and $1 billion, with assets valued between $100 million and $500 million. ~~Approximately 1,000 creditors are listed.~~ To facilitate a transition toward a proposed “LIV 2.0” model—aiming for a player-majority ownership structure—the league has reached a $300 million restructuring support agreement with investment firm BC Partners. Additionally, the PIF has agreed to provide approximately $49.6 million in debtor-in-possession (DIP) financing. This funding will be held in a “blocked account,” allowing the PIF to monitor spending through specific conditions, reporting requirements, and milestone-based releases. Among the largest unsecured ~~claims~~ creditors are ~~those held by~~ top professional ~~golfers.~~ golfers, including Jon Rahm ~~is listed as the largest individual unsecured creditor with a claim of approximately~~ (approximately $7.5 ~~million, followed by~~ million), Bryson DeChambeau ($5.7 ~~million)~~ million), and Dustin Johnson ($5.5 million). ~~Other notable creditors include Cameron Smith and Tyrrell Hatton.~~ While these figures represent significant claims, ~~recent~~ filings clarify that amounts owed to players often represent quarterly installments rather than total contract values. ~~The bankruptcy filing also indicates that many existing player contracts may be terminated as part of the restructuring process. To facilitate the reorganization,~~ Attorneys for the ~~PIF has agreed to provide a debtor-in-possession loan of approximately $49.6 million to $50 million. The~~ league ~~has entered an agreement with BC Partners to transition into a proposed “LIV 2.0” model, aiming for a majority player-owned structure. CEO Scott O’Neil~~ stated the bankruptcy ~~process is intended to provide the “structure and time~~ was necessary ~~to execute a landmark transaction.”~~ because cash reserves were exhausted before the business plan's growth could offset operational costs. The ~~proposed model~~ reorganized tour anticipates a relaunch in early 2027 with a reduced tournament schedule, a 75-player field, and a new 54-hole cut format. ~~Amidst this instability, Jon Rahm has described the situation as “turbulence,” noting that while he has not confirmed a return to the PGA Tour, “time’s gonna tell.”~~

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