LIV Golf Files For Chapter 11 Bankruptcy

LIV Golf has filed for Chapter 11 bankruptcy protection in the US as part of a major restructuring process that could see its players take majority ownership of the company.

The circuit confirmed on Tuesday that LIV Golf Incorporated and its affiliates have entered into a Restructuring Support Agreement with BC Partners Credit, with the proposed recapitalization intended to allow the business to continue operating.

As a result, it has begun Chapter 11 proceedings in the United States Bankruptcy Court for the District of New Jersey.

A Chapter 11 bankruptcy allows a company to reorganize its finances while continuing to operate.

A statement from LIV Golf confirmed the plan is to emerge from the process in the coming months, stating: "Consistent with the agreed case milestones, LIV Golf intends to emerge from chapter 11 and begin its new era in early 2027."

If the proposed restructuring is approved, the reorganized LIV Golf is expected to be majority owned by its players.

The league says it remains in advanced discussions with players over the plan, which is aimed at "creating an ownership structure aligning players’ interests with the League’s long-term success."

In a statement, LIV Golf CEO Scott O'Neil said: “This process gives us the structure and time to pursue a landmark transaction and begin the next chapter of LIV Golf - one built around the fans, an innovative, player-first ownership model, and a part of the global golf ecosystem.

"We are excited about what lies ahead and yet, there is still much to accomplish in the months ahead.

"We believe deeply in LIV Golf’s future, the opportunity in front of us, and the people who will help us realize it."

He added: "We will not rest until we deliver on LIV Golf’s full potential.”

It has also been confirmed that the Saudi Public Investment Fund, which revealed in April it would end its funding of LIV Golf at the end of the 2026 season, has agreed to provide $49.6 million in debtor-in-possession financing subject to court approval.

BC Partners Credit and other potential minority investors are also expected to provide exit financing.

The move follows recent indications that a significant change to LIV Golf's ownership structure was in the works.

In early August, O'Neil confirmed that LIV Golf had secured a "lead investor" for 2027.

In a statement at the time, O'Neil confirmed: "Our next chapter will make our players the majority equity holders in LIV Golf, a first for a major global sports league, and gives the League the foundation to keep growing the game worldwide.

"We anticipate finalizing terms in the coming weeks, with the goal of entering a transaction in September."

One big-name LIV Golfer whose future is unclear is Jon Rahm. In August, The Telegraph's James Corrigan cited LIV sources who indicated they are "almost resigned" to the Spaniard departing.