LIV Golf files for Chapter 11, allowing players to leave and seeking new investment
LIV Golf has entered Chapter 11 bankruptcy protection after Saudi Arabia withdrew funding, freeing its players from contracts and announcing a new investor as it plans a player-owned league for next year.
LIV Golf filed a Chapter 11 petition in a New Jersey federal court on Tuesday, citing the need to preserve the business while it restructures after Saudi Arabia's Public Investment Fund pulled its multibillion-dollar backing. The filing gives the league time to address debts, negotiate a potential sale, and allows all contracted players to leave without penalty.
The league said it has secured a new investor, international private-equity firm BC Partners, and intends to launch a majority player-owned competition early next year. Under the proposed structure, players would receive equity stakes and regain individual commercial rights, while prize purses are expected to be lower than PGA Tour events but higher than those on the DP World Tour.
BBC Sport reported that contracts from the previous iteration of LIV Golf will be terminated through the court process, with any owed amounts to players and other creditors handled in bankruptcy. No obligation exists for players to join the restructured league, regardless of prior multi-year agreements.
LIV Golf chief executive Scott O'Neil said the restructuring provides “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.”
Bryson DeChambeau expressed optimism about the league’s future, describing “a lot of potential moving forward” and “something fun coming.” Jon Rahm, when asked about his plans, said he remains willing to fulfil his existing contract but that “time will tell.”
The Public Investment Fund is providing a $49.6 million debtor-in-possession loan to fund the bankruptcy process, while noting that the long-term investment required was no longer aligned with its strategy. The league’s letter to fans emphasized a shift toward a “sustainable business model” with expanded fields, a cut, qualifiers, and teams reflecting national identities.