LIV Golf Files Chapter 11 Bankruptcy, Plans Player Ownership
By Staff Writer
3 min read
LoopGolf
Key takeaways
- LIV Golf filed for Chapter 11 bankruptcy protection on Tuesday in the U.S. Bankruptcy Court for the District of New Jersey.
- The league entered a Restructuring Support Agreement with BC Partners Credit that would make players majority owners of the reorganized company.
- The Public Investment Fund is providing $49.6 million in debtor-in-possession financing, subject to court approval.
- LIV lists between 1,000 and 5,000 creditors, assets of $100 million to $500 million, and liabilities of $500 million to $1 billion.
- LIV Golf plans to exit Chapter 11 and begin its next era in early 2027.
LIV Golf filed for Chapter 11 bankruptcy protection on Tuesday, confirming months of speculation about the Saudi-backed league's financial future. The filing, made in the U.S. Bankruptcy Court for the District of New Jersey, is tied to a restructuring agreement with BC Partners Credit that LIV says is designed to keep the league running rather than shut it down.
Why did LIV Golf file for bankruptcy?
The move follows a difficult stretch for the four-year-old circuit. The Public Investment Fund said earlier this year that it would end its financial backing of LIV after the 2026 season, after losing billions of dollars since the league launched in 2022. LIV subsequently cut staff and canceled two events from its 2026 schedule, including a season-ending Team Championship that had been planned for Michigan. The circuit's season instead wrapped early at LIV Golf Indianapolis.
Chapter 11 allows a company to keep operating while it reorganizes its finances under court supervision. LIV says the restructuring is meant to be a bridge to new ownership and new capital, not a liquidation.
What changes for LIV Golf's ownership?
Under the proposed plan, LIV's players would become majority owners of the reorganized company, replacing the Public Investment Fund's outside-funding model with one tied directly to the league's performance. BC Partners Credit and other investors are expected to supply exit financing once a bankruptcy court approves a reorganization plan.
LIV Golf is treating bankruptcy as a restructuring tool, not an exit ramp.
"This process gives us the structure and time to pursue a landmark transaction and begin the next chapter of LIV Golf," CEO Scott O'Neil said in announcing the filing.
What does the bankruptcy filing show?
Court filings put LIV's creditors between 1,000 and 5,000, with assets estimated at $100 million to $500 million against liabilities of $500 million to $1 billion.
| Filing detail | Figure |
|---|---|
| Estimated creditors | 1,000–5,000 |
| Estimated assets | $100M–$500M |
| Estimated liabilities | $500M–$1B |
| PIF debtor-in-possession financing | $49.6 million |
| Targeted emergence | Early 2027 |
LIV expects the Chapter 11 process to run into early 2027, when it hopes to emerge with a leaner operating model and fresh outside capital alongside the new player-ownership structure.
Frequently asked questions
Is LIV Golf shutting down?
No. LIV says Chapter 11 is a restructuring, not a liquidation, and it intends to keep operating and staging events through the process.
Will LIV Golf players own the league?
Under the proposed restructuring, players would become majority owners of the reorganized company, which LIV describes as a first for a major global sports league.
Who is funding LIV Golf during bankruptcy?
The Public Investment Fund is providing $49.6 million in debtor-in-possession financing, pending court approval, while BC Partners Credit and other investors are expected to provide financing when LIV exits Chapter 11.
When will LIV Golf exit bankruptcy?
The league has targeted early 2027 to complete the process and begin operating under its new structure.
- LIV Golf
- Chapter 11 bankruptcy
- Scott O'Neil
- Public Investment Fund
- BC Partners Credit
- player ownership
