LIV Golf Files Chapter 11 With $1 Billion Debt

By Thomas Whitaker Boise, ID · NEW JERSEY —

Published Updated 2 min read

LIV Golf filed for Chapter 11 bankruptcy protection in New Jersey on September 8, 2026. The league lists liabilities up to $1 billion and secured debt of $495 million.

NEW JERSEY — LIV Golf filed for Chapter 11 bankruptcy protection in New Jersey on September 8, 2026. The company entered the proceedings with approximately $15 million in cash on hand. According to the company's Chapter 11 petition, liabilities range from $500 million to $1 billion. The filing lists a secured debt facility of approximately $495 million.

BC Partners Credit announced a restructuring agreement with LIV Golf and supplied an initial $4 million investment. The firm is contracted to provide up to $300 million in financing subject to bankruptcy court approval. LIV Golf Incorporated and its affiliates entered into a Restructuring Support Agreement with BC Partners Advisors L.P., which contemplates a proposed recapitalization transaction.

LIV Golf CEO Scott O'Neil addressed the agreement in a statement. "This investment is an important step forward for LIV Golf, and I want to thank Ted Goldthorpe and the entire BC Partners team for their conviction in what we're building." O'Neil added, "We believe deeply in the future of this league and in the opportunity to build something distinctive alongside our players."

The proposed restructured model includes granting players 52.5 percent equity ownership in the reorganized league. This grant is contingent on their agreement to mutual releases and settlement terms. The deadline for players to commit to the restructured league was extended to October 25.

LIV Golf expects to operate a 10-event schedule in 2027 if it emerges from bankruptcy. Kooyonga Golf Club filed a motion in the bankruptcy case seeking clarity on whether its March 2027 tournament will take place.

Sergio Garcia has received official notice that his LIV Golf contract has been terminated. Garcia petitioned the court to clarify whether his LIV Golf contract was terminated by the bankruptcy filing or if he retains the right to terminate it himself. Garcia is a member of the DP World Tour and won the Masters Tournament in 2017.

Saudi Arabia's Public Investment Fund spent over $5 billion on LIV Golf since its launch in 2022 before withdrawing funding. Gibson, Dunn & Crutcher received over $7.1 million from LIV Golf for legal fees in the 90 days preceding the bankruptcy filing.

Why It Matters

LIV Golf is the first major golf tour to file for Chapter 11 bankruptcy protection, marking a unique precedent in professional golf history. The scale of the debt, listed between $500 million and $1 billion, affects 14 players among the top 30 unsecured creditors who are collectively owed $64.2 million. The outcome determines whether the league can execute its proposed recapitalization and maintain a schedule in 2027.

Timeline

Sergio Garcia won the Masters Tournament in 2017. Jon Rahm tied for second at the 2026 PGA Championship with a total score of 6 under par. Legion XIII, featuring Jon Rahm, won the LIV Golf Team Championship at Indianapolis in August 2026. Jon Rahm finished the 2026 LIV season ranked number one individually with 1,057.54 points.

What's New

The top 30 unsecured creditors in LIV Golf's bankruptcy filing include 14 players, collectively owed $64.2 million, with Jon Rahm leading at $7.47 million. LIV Golf's bankruptcy filing listed 14 players among its top 30 unsecured creditors, with Jon Rahm being the largest at $7.47 million, followed by Bryson DeChambeau ($5.77 million) and Dustin Johnson ($5.49 million).

The Company intends to emerge from chapter 11 and begin its new era in early 2027.

fact_check Facts

Sergio Garcia has received official notice that his LIV Golf contract has been terminated.
BC Partners Credit announced a restructuring agreement with LIV Golf and supplied an initial $4 million investment.
BC Partners Credit is contracted to provide up to $300 million in financing to LIV Golf subject to bankruptcy court approval.
Scott O'Neil, LIV Golf CEO
"This investment is an important step forward for LIV Golf, and I want to thank Ted Goldthorpe and the entire BC Partners team for their conviction in what we're building."
LIV Golf has rejected the existing player contracts of Bryson DeChambeau, Dustin Johnson, and Tyrrell Hatton.
Jon Rahm's contract with LIV Golf was not rejected and is scheduled for a hearing on November 5.
The deadline for LIV Golf players to commit to the restructured league was extended to October 25.

menu_bookBackground & Sources

Context and data our newsroom added to the originating report, with the primary source for each item shown below it.

LIV Golf filed for Chapter 11 bankruptcy protection in New Jersey on September 8, 2026.
The DP World Tour policy prevents golfers from playing on LIV Golf and the European-based circuit simultaneously in the next season.
The proposed LIV Golf 2.0 model grants players 52.5 percent equity ownership in the restructured league.
Saudi Arabia's Public Investment Fund spent over $5 billion on LIV Golf since its launch in 2022 before withdrawing funding.
Jon Rahm has an unsecured claim of approximately $7.47 million in LIV Golf's bankruptcy records.
LIV Golf entered Chapter 11 proceedings with approximately $15 million in cash on hand.
LIV Golf faces a secured debt facility of approximately $495 million.
Gibson, Dunn & Crutcher received over $7.1 million from LIV Golf for legal fees in the 90 days preceding the bankruptcy filing.
Kooyonga Golf Club filed a motion in LIV Golf's bankruptcy case seeking clarity on whether its March 2027 tournament will take place.
Jon Rahm finished the 2026 LIV season ranked number one individually with 1,057.54 points.
Legion XIII, featuring Jon Rahm, won the LIV Golf Team Championship at Indianapolis in August 2026.
Jon Rahm tied for second at the 2026 PGA Championship with a total score of 6 under par.
Sergio Garcia is a member of the DP World Tour.
Sergio Garcia won the Masters Tournament in 2017.
LIV Golf is the first major golf tour to file for Chapter 11 bankruptcy protection, marking a unique precedent in professional golf history.
LIV Golf's bankruptcy filing comes with approximately $500 million in debt, according to the company's Chapter 11 petition, which lists its liabilities in a range of $500 million to $1 billion.
Jon Rahm is a two-time major champion, having won the U.S. Open in 2021 and the Open Championship in 2023.
Source: id.loc.gov
The top 30 unsecured creditors in LIV Golf's bankruptcy filing include 14 players, collectively owed $64.2 million, with Jon Rahm leading at $7.47 million.
LIV Golf's bankruptcy filing listed 14 players among its top 30 unsecured creditors, with Jon Rahm being the largest at $7.47 million, followed by Bryson DeChambeau ($5.77 million) and Dustin Johnson ($5.49 million).
LIV Golf Incorporated and its affiliates entered into a Restructuring Support Agreement (“RSA”) with BC Partners Advisors L.P., the credit business of BC Partners (“BC Partners Credit”), which contemplates a proposed recapitalization transaction (the “Transaction”).
Jon Rahm has a history of high-profile golf achievements, including winning the 2021 U.S. Open and the 2023 Masters Tournament, which established him as one of the sport's top players before joining LIV Golf.
Source: id.loc.gov
The Saudi Public Investment Fund (PIF) provided a secured facility of approximately $495 million to LIV Golf as of June 2026, which became part of the company’s outstanding debt obligations.
The PIF had issued over five billion preference shares and 421,500 class A ordinary shares to itself, representing 98.48% common ownership of LIV Golf Investments as of the bankruptcy filing date.
LIV Golf's proposed restructured model includes granting players 52.5% equity ownership in the reorganized league, contingent on their agreement to mutual releases and settlement terms.

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