NEW JERSEY — LIV Golf filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of New Jersey on Tuesday. The organization announced BC Partners as its proposed new investor and outlined plans to restructure with majority player ownership.

BC Partners has offered a total investment of $300 million in LIV Golf. Under the proposed restructuring, players would own 52% of the organization, BC Partners would own 45%, and management would own 2.5%. LIV Golf intends to emerge from bankruptcy and launch its new league structure in early 2027.

The filing lists estimated assets between $100 million and $500 million against liabilities ranging from $500 million to $1 billion. Court filings show the Saudi Public Investment Fund owned 98.48% of LIV Golf prior to the bankruptcy. The Public Investment Fund is the sovereign wealth fund of Saudi Arabia with total estimated assets of US$900 billion.

Saudi Arabia's Public Investment Fund agreed to provide $49.6 million in debtor-in-possession financing to LIV Golf. This financing is subject to Court approval on the terms set forth in the DIP credit agreement. The fund had invested approximately $5 billion in LIV Golf since its inception before withdrawing its funding in April 2026.

Rahm is listed as the top unsecured creditor with a claim of $7.5 million. Bryson DeChambeau is listed as an unsecured creditor with a claim of $5.76 million. Dustin Johnson holds a claim of $5.48 million, while Cameron Smith is listed with a claim of $4.85 million.

Tyrrell Hatton has a claim of $3.4 million, and Brooks Koepka is listed with a claim of $1.7 million. Bubba Watson is listed as an unsecured creditor with a claim of at least $3.3 million.

The state of Louisiana is listed as the 20th largest creditor with an unsecured claim of $1.2 million. Louisiana is the only government entity listed among the creditors with the largest unsecured claims. LIV Golf owes Louisiana $1.2 million representing the portion of a $5 million hosting fee paid before the New Orleans tournament was canceled.

The state of Louisiana provided a $2.2 million incentive to upgrade the Bayou Oaks at City Park golf course for the canceled LIV Golf event. Improvements to the driving range and tee boxes for two holes at Bayou Oaks at City Park were completed despite the tournament cancellation.

"LIV has formally acknowledged that they owe the state the money. The issue is now in the hands of the bankruptcy court," Emma Wagner, spokesperson for Louisiana Economic Development, said in a text message.

LIV Golf laid off the majority of its U.S. and U.K. staff in August 2026. The organization also canceled its season-ending team championship in August 2026. LIV Golf is seeking recognition of its U.S. bankruptcy proceedings in England and Wales.

The restructured league plans to expand tournament fields to 75 players. It also plans to introduce a cut and Monday qualifiers.

"This process gives us the structure and time to pursue a landmark transaction and begin the next chapter of LIV Golf – one built around the fans, an innovative, player-first ownership model, and a part of the global golf ecosystem," LIV Golf CEO Scott O'Neil said in an official statement.

Professional Golfer Jon Rahm addressed the uncertainty surrounding his status. "There’s just a lot of things in place, right? There’s a lot of things that could happen, and it’s one of those things where time’s gonna tell," he said in an interview.

He added, "I still have a contract with LIV 1.0 that I’m more than willing to fulfill. So, like I said, time will tell." Professional Golfer Rory McIlroy offered a different perspective on the contractual implications of the filing. "I am not trying to predict the future, but I would predict that you will see some guys leave, as they are free to now as, I guess, contracts have been breached by them filing for bankruptcy," McIlroy said at a press conference.

Why It Matters

The bankruptcy filing marks a shift in the financial backing of LIV Golf, transitioning from nearly total ownership by the Saudi Public Investment Fund to a model involving private equity and player equity. The proposed $300 million investment from BC Partners and the plan for players to own 52% of the reorganized company represent a change in the league's governance and capital structure. This restructuring aims to address liabilities estimated between $500 million and $1 billion while establishing a new operational framework scheduled to launch in early 2027.

The outcome of the bankruptcy proceedings will determine the resolution for unsecured creditors, which include high-profile professional golfers and state entities such as Louisiana. The case also tests the enforceability of player contracts in the context of corporate bankruptcy, with differing views expressed by players regarding their ability to exit existing agreements. The transition to majority player ownership and the introduction of competitive elements like cuts and Monday qualifiers indicate an effort to realign the league with traditional golf structures and fan expectations.

Timeline

Saudi Arabia's Public Investment Fund withdrew its funding from LIV Golf in April 2026. LIV Golf canceled its season-ending team championship in August 2026.

On September 9, 2026, LIV Golf CEO Scott O'Neil stated, "This process gives us the structure and time to pursue a landmark transaction and begin the next chapter of LIV Golf – one built around the fans, an innovative, player-first ownership model, and a part of the global golf ecosystem." LIV Golf announced BC Partners as its proposed new investor for its restructuring. Professional Golfer Jon Rahm said, "I still have a contract with LIV 1.0 that I’m more than willing to fulfill. So, like I said, time will tell." Rahm also stated, "There’s just a lot of things in place, right? There’s a lot of things that could happen, and it’s one of those things where time’s gonna tell."

What's New

LIV Golf CEO Scott O'Neil stated, "This process gives us the structure and time to pursue a landmark transaction and begin the next chapter of LIV Golf – one built around the fans, an innovative, player-first ownership model, and a part of the global golf ecosystem." Additional reporting indicates that LIV Golf intends to emerge from chapter 11 and begin its new era in early 2027, as stated in the restructuring support agreement with BC Partners Credit. LIV Golf announced BC Partners as its proposed new investor for its restructuring. According to Sportico, in April 2026, Saudi Arabia's Public Investment Fund (PIF) decided to cease its backing of LIV Golf at the end of the year, which led to the current restructuring efforts. Professional Golfer Jon Rahm said, "I still have a contract with LIV 1.0 that I’m more than willing to fulfill. So, like I said, time will tell." Later reporting confirmed that LIV Golf laid off the majority of its U.S. and U.K. staff in August 2026. Professional Golfer Rory McIlroy said, "I am not trying to predict the future, but I would predict that you will see some guys leave, as they are free to now as, I guess, contracts have been breached by them filing for bankruptcy." BC Partners has offered a total investment of $300 million in LIV Golf.