LIV Golf has filed for Chapter 11 bankruptcy protection as part of a proposed recapitalisation that would give its players majority ownership of the reorganised league.
The company has entered a Restructuring Support Agreement with BC Partners Advisors L.P., the credit business of BC Partners. The transaction is designed to keep LIV operating while it restructures its finances under the supervision of the United States Bankruptcy Court for the District of New Jersey.
LIV said it remains in advanced discussions with players about the ownership structure. BC Partners Credit and other potential minority investors are expected to provide exit financing once the company emerges from Chapter 11, subject to court approval.
The league intends to complete the process in early 2027.
PIF provides interim financing
Saudi Arabia’s Public Investment Fund has agreed to provide $49.6 million in debtor-in-possession financing, subject to approval from the court. That funding is intended to support LIV’s operations during the restructuring process.
PIF has been LIV’s sole financial backer since the league launched in 2022, but announced earlier this year that it would end its support after the 2026 season. LIV subsequently began seeking outside investment, with chief executive Scott O’Neil saying in June that the target was approximately $300 million.
Potential investors included private equity firms and professional sports owners, while Cameron Smith and Bryson DeChambeau were among the players involved in investor discussions. Jon Rahm chose to concentrate on playing, saying he lacked the business expertise required for those meetings.
The proposed player-controlled structure sets out how LIV plans to operate after PIF withdraws its long-term backing.
“This process gives us the structure and time to pursue a landmark transaction and begin the next chapter of LIV Golf,” O’Neil said. “We are excited about what lies ahead and yet, there is still much to accomplish in the months ahead.”
Court and stakeholder approval required
BC Partners Credit is expected to act as plan sponsor and help capitalise the reorganised company alongside other minority investors. Completion remains conditional upon approval from the bankruptcy court and relevant stakeholders.
LIV is also seeking recognition of the US proceedings in England and Wales, a step intended to protect the value of its international operations and assets during the case.
Gene Davis, chairman of the LIV Golf board’s special committee, said the board reviewed its available options before choosing the court-supervised process.
“The Board’s priority is to protect what they have built,” Davis said. “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.”
The filing follows months of financial uncertainty, including LIV’s search for $300 million in new investment. The proposed transaction formalises that search, although player agreements, investor commitments and court approval must still be secured before LIV can emerge in 2027.
Related: Aramco Korea Championship Switches to 72-Hole Strokeplay for 2026
Simon Bale
Simon Bale is the publisher of Golf Today. A low single-figure handicap golfer, he was previously a major shareholder and course reviewer for Top100GolfCourses.com for over a decade, starting in 2010. Through this role, he developed extensive knowledge of golf course design and architecture while playing more than 300 courses worldwide.