LIV Golf has filed for Chapter 11 bankruptcy protection as the league seeks to restructure its finances and secure a potential return to competition in 2027.
The filing, which was made to a court in New Jersey, USA, was accompanied by details of a proposed restructuring agreement that could see majority ownership of LIV transferred to its players, representing a significant change to the league’s business model.
Under the proposal, London-based private equity firm BC Partners would finance an attempted 2027 return through what LIV described as a “recapitalization transaction”. The plan remains subject to court approval.
Questions remain over the structure of BC Partners’ commitment, including whether its financing is dependent on additional investors or players remaining with LIV. BC Partners also has links to GSE Worldwide, which represents a significant number of LIV players.
LIV Golf CEO Scott O’Neil said the process would provide the organisation with “the structure and time to pursue a landmark transaction” and begin a new chapter based around fans and a “player-first ownership model”.
He added: “This process gives us the structure and time to pursue a landmark transaction and begin the next chapter of LIV Golf. We are excited about the future, yet there is still much to accomplish in the months ahead.”
The bankruptcy filing follows Saudi Arabia’s Public Investment Fund’s decision in April to withdraw its financial support from the five-year-old league. As part of the restructuring process, PIF has agreed to provide $49.6 million in debtor-in-possession financing, allowing LIV to continue operating while Chapter 11 proceedings take place. BC Partners and other prospective investors are expected to provide further financing should LIV successfully emerge from bankruptcy protection.
LIV dismissed most of its remaining staff at the end of last month following the conclusion to its 2026 season in Indianapolis in late August, a week earlier than originally scheduled following the cancellation of its planned finale in Michigan.
Gene Davis, chairman of the board’s Special Committee, said the organisation had reviewed its available options and believed the bankruptcy and restructuring represented “the most responsible path forward for the league and its stakeholders”.
LIV Golf is also seeking recognition of the Chapter 11 proceedings in England and Wales in an effort to protect the value of its international assets and operations while the process continues.