LIV Golf filed a Chapter 11 petition in the U.S. federal court in New Jersey on Tuesday, citing a need to preserve its business while restructuring after Saudi Arabia’s Public Investment Fund withdrew its multibillion‑dollar backing. The petition lists at least $45 million (£33 million) owed to players, with the top unsecured claim belonging to two‑time major winner Jon Rahm at $7.5 million (£5.5 million). Other prominent names such as Bryson DeChambeau, Dustin Johnson, Cameron Smith and Tyrrell Hatton also appear on the creditor list with claims ranging from $4.8 million to $5.7 million.
Documents show LIV estimates its assets between $100 million and $500 million (£74 million‑£370 million) while liabilities run from $500 million to $1 billion (£370 million‑£739 million). The league’s new majority player‑owned model is slated to launch early next year, but the Chapter 11 process means players may now leave and their contracts will be deemed void, with payouts to be settled through court proceedings.
BC Partners has been named as a prospective investor, and the league’s chief executive Scott O’Neil said the restructuring gives the company time to pursue a “landmark transaction” and build a sustainable future. PIF is providing a $49.6 million (£36.6 million) debtor‑in‑possession loan to fund the process, even as it says it remains committed to other sports investments.
Players are expected to receive equity and have their commercial rights restored under the new model, though prize money will be lower than PGA Tour events but higher than DP World Tour tournaments. The league will also expand field sizes to 75 players, introduce a cut and create qualifiers, aiming to grow national‑identity teams into enduring global sports businesses.
With the 2026 season ending early and the future of LIV 1.0 uncertain, the bankruptcy filing marks a turning point for the controversial league and its star players, who now face an uncertain path to future tours.
