LIV Golf has filed for Chapter 11 bankruptcy protection in the District of New Jersey, the league announced Tuesday, entering a court-supervised restructuring process tied to a new agreement with BC Partners Advisors.
CEO Scott O’Neil confirmed the filing in a letter to fans, writing that LIV has “entered a court-supervised restructuring process that provides us with the time and framework to address previous financial obligations and complete a transaction that will make the league’s next phase a reality.” He added that the league is “entering this process with a clear plan and the support of BC Partners,” marking the first public confirmation of the private equity firm’s involvement after months of speculation.
The proposed restructuring would leave the reorganized league majority owned by its players, according to Sportico. LIV expects to emerge from the process in early 2027 with a leaner operating model.
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Saudi Arabia’s Public Investment Fund, which has backed LIV since its 2022 launch, will provide $49.6 million in debtor-in-possession financing to support the league through the restructuring, per Sportico. PIF has already spent more than $5 billion on LIV since its inception but decided earlier this year to end further funding of the venture.
Any payments owed before the filing, including existing player agreements, will now be handled through the bankruptcy court. Jon Rahm is owed the most among unsecured creditors, $7.47 million, tied to a player participation agreement.
Here are the 10 players currently owed the most, per the filing:
Jon Rahm: $7.47 million
Bryson DeChambeau: $5.77 million
Dustin Johnson: $5.49 million
Cam Smith: $4.83 million
Adrian Meronk: $4.43 million
Tyrrell Hatton: $3.37 million
Bubba Watson: $3.32 million
Abe Ancer: $2.65 million
Byeong Hun An: $1.81 million
Brooks Koepka: $1.68 million
IMG Media is owed the most among non-player vendors, $3.2 million. Other creditors listed include GSE Worldwide, DeChambeau’s agency, at $1.28 million; golf influencer Rich Shiels at $1.39 million; the state of Louisiana at $1.22 million; and Fresh Tape Media at $1.2 million, which has sued LIV over unpaid invoices.
The filing follows a difficult stretch for the league. LIV recently cut a significant portion of its staff and canceled two events from its 2026 schedule, including what was expected to be the season-ending Michigan Team Championship.
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LIV maintains the filing is not a liquidation. A league spokesperson previously told Golf Digest, “The funding commitment announced by PIF earlier this year will reach its conclusion. As a result, we are scaling back operations as we transition to the next chapter of LIV Golf and work toward making LIV 2.0 a reality.”
Rahm, asked by reporters ahead of the filing about a potential return to the PGA Tour, kept his answer guarded: “There’s just a lot of things in place.” The PGA Tour’s Returning Member Program, which allowed a limited window for LIV defectors to reapply, closed on February 2, 2026, and Tour executive Brian Rolapp has said there are “no plans to reopen” it. Brooks Koepka remains the only player to successfully return through that process.
What happens next for LIV’s roster remains unclear. Players face a choice between settling as unsecured creditors for a fraction of their guaranteed money in exchange for equity in the restructured league, accepting a settlement and leaving outright, or rejecting the terms altogether. For now, the league says it’s pressing ahead toward a 2027 relaunch under new ownership.
