LIV Golf Files for Chapter 11 Bankruptcy in Restructuring Deal With BC Partners
LIV Golf has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of New Jersey, part of a restructuring that would leave the league majority owned by its players.
The company announced on 8 September that it had entered a Restructuring Support Agreement with BC Partners Credit, the credit arm of the private equity firm BC Partners, to carry out a proposed recapitalisation.
Players to Take Majority Ownership
Under the proposed transaction, the reorganised company is expected to be majority owned by players, with LIV saying it remains in advanced discussions with them. The structure is intended to align player interests with the league's long-term performance.
Saudi Arabia's Public Investment Fund, which has bankrolled LIV since its launch in 2022 and confirmed earlier this year that it would stop funding the circuit beyond 2026, has agreed to provide $49.6 million in debtor-in-possession financing to keep the business operating through the process.
LIV intends to emerge from Chapter 11 and begin what it is calling its next era in early 2027.
The league has framed the filing as a route to a sustainable model rather than a collapse, pointing to other organisations that have used the same process, including Marvel Entertainment, Delta Air Lines, the Los Angeles Dodgers, the Pittsburgh Penguins and Leeds United.
A Different Product in 2027
The plan involves substantial changes to how LIV operates. Fields are set to expand from 54 to 75 players, a cut will be introduced, and additional pathways into the league will be created including Monday qualifiers.
That represents a departure from the no-cut, fixed-field format that has defined LIV since it began, though the league says team golf will remain at the core and that events will retain the music and entertainment elements that distinguish them.
Chief executive Scott O'Neil had outlined the broad shape of this plan in August, describing a reduced 10-event schedule with smaller purses, player equity and the return of a majority of commercial rights to players. At that stage the lead investor had not been named publicly and the transaction was not complete.
A Difficult Year
The filing caps a turbulent season. LIV cancelled its team championship in Michigan and folded the event into its Indianapolis finale, faced multiple lawsuits, and reports suggested some players were still awaiting payment from an earlier tournament at Bedminster.
The uncertainty has fuelled speculation about where LIV players might end up. Bryson DeChambeau's contract expires at the end of this season, and Jon Rahm, the individual champion, gave non-committal answers about his future at the Irish Open last week.
Rory McIlroy has been openly sceptical, questioning at the BMW Championship whether LIV players had brought value to the breakaway circuit in the first place and repeating his view that it has not been good for the game. Scottie Scheffler took a softer line, suggesting a small number of LIV players would add value to the PGA Tour but that penalties should attach to any return.
There is still no formal pathway back to the PGA Tour. Brooks Koepka returned in January under a bespoke arrangement, forfeiting equity shares for five years and giving up FedEx Cup bonus eligibility for 2026.
LIV says its 2026 season featured 57 players from 21 countries competing across 10 countries and five continents.
