LIV Golf filed for Chapter 11 bankruptcy protection Tuesday in a New Jersey federal court, listing $100 million to $500 million in assets against $500 million to $1 billion in liabilities.
The filing makes official what Saudi Arabia’s Public Investment Fund already signaled in April — that it would stop bankrolling the league it built. PIF had put more than $5 billion into LIV since the tour’s first event in June 2022, burning through roughly $100 million monthly this year. Al-Rumayyan, who governs the PIF, left his post as LIV’s chairman not long after.
The season that followed was rough. LIV canceled multiple events, including its season-ending team championship, trimmed most of its workforce, drew several lawsuits, and fell behind on paying its own players.
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BC Partners Credit, the lending arm of the London private equity firm BC Partners, is LIV’s new backer — named lead investor in a restructuring plan that would eventually put the players themselves in control of the league.
PIF, despite walking away as a backer, is chipping in $49.6 million to keep the league running through the process, assuming a judge signs off. LIV also wants UK courts to recognize the case to protect its international business, and is targeting an early 2027 relaunch.
CEO Scott O’Neil framed the filing as a fresh start, saying the league now has “the structure and time to pursue a landmark transaction” as it tries to rebuild.
Court filings list the league’s own players among its largest unsecured creditors, for payments already past due rather than future contract value. Jon Rahm is owed about $7.5 million, Bryson DeChambeau about $5.8 million, Dustin Johnson about $5.5 million, and Cameron Smith about $4.8 million, with Tyrrell Hatton and Brooks Koepka also on the list.
