LIV Golf files for Chapter 11 bankruptcy, seeks new player-first ownership structure

LIV Golf, the professional golf league launched in 2022 as a rival to the traditional PGA Tour, filed for Chapter 11 bankruptcy protection Tuesday.

In a filing made in the U.S. Bankruptcy Court for the District of New Jersey, LIV Golf said it has reached an agreement with investment firm BC Partners Credit to recapitalize the league, with hopes of transferring majority ownership to its athletes.

The move comes just months after Saudi Arabia’s Public Investment Fund (PIF) announced it would stop funding LIV Golf following the 2026 season. PIF had invested more than $5 billion in LIV since its launch, helping to prop up massive player contracts and tournament payouts.

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According to the bankruptcy filing, PIF has agreed to provide nearly $50 million in financing to keep LIV Golf afloat during the bankruptcy proceedings. Once LIV exits bankruptcy, BC Partners and other potential investors are expected to provide additional financing to keep the league operational.

LIV Golf CEO Scott O’Neil said the bankruptcy process is intended to create a path toward a new ownership model centered on players and fans.

“The people of LIV Golf, led by the players, have continued to show incredible resilience, commitment, and a shared belief in what we are building. Thanks to their tireless work, LIV Golf has created a foundation to entertain and inspire the next generation of global golf fans around the world,” O’Neil said. “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.”

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Gene Davis, Chairman of the Board’s Special Committee, said protecting what the league has built remains the board’s top priority.

“LIV Golf’s players, employees, and business partners have been central to its growth since its founding. In just a few years, they have built a global platform and expanded the game of golf worldwide,” Davis said. “The Board’s priority is to protect what they have built. Working closely with Scott, management, and expert advisors, we reviewed all available options and believe today’s actions reflect the most responsible path forward for the League and its stakeholders.”