LIV Golf officially filed for bankruptcy on Tuesday, a step many had expected in the coming months after the Saudi Arabian fund was pulled out of the league.
LIV Golf announced on Tuesday that it has entered Chapter 11 bankruptcy in the United States. He said the restructuring of the alliance was done in an effort to survive the alliance now without the support of the Public Investment Fund – which Saudi Arabia announced months ago would not provide any more after the 2026 campaign.
“The LIV Golf people, led by the players, have continued to show incredible resilience, commitment and shared belief in what we are building. LIV Golf has created a foundation for their tireless work to nurture and inspire the next generation of global golfers around the world,” LIV Golf CEO Scott O’Neil said in a statement. “This process gives us the structure and time to pursue transactional milestones and begin the next chapter of LIV Golf – one built around fans, an ownership model, a primary player, and part of the global golf ecosystem.
“We are excited about what lies ahead and yet there is still much to accomplish in the preceding months. We believe LIV Golf has a great future ahead of us, and the people who help us realize it.”
LIV Golf also said the PIF had agreed to provide $50 million in cash on the property, and to file for similar bankruptcies in England and Wales.
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BC Partners, a London-based private equity firm, has agreed a deal to return in 2027.
LIV Golf is trying to transition into LIV 2.0
PIF announced in April that it would no longer fund LIV Golf after reportedly investing more than $5 billion in the league since its inception. That led to many problems for the LIV Golf in the following months.
The league has been hit with multiple lawsuits and has had two events canceled, including last month’s championship game in Michigan. The LIV match had also been running for months and the players had been delayed from paying their tournament in Bedminster, New Jersey.
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Many notable golfers have already left LIV Golf, and are either retiring from the PGA Tour or planning to do so. Jon Rahm has been reported as considering a departureand is listed as the top secured creditor in the bankruptcy filing before Bryson DeChambeau. Rahm is owed nearly $7.5 million, and DeChambeau is owed more than $5.7 million. Cameron Smith and Dustin Johnson still owe millions. DeChambeau’s contract with LIV Golf has expired at the end of the season.
While the specifics are not yet known, the restoration of LIV Golf members could be released from existing contracts.
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O’Neil et al It was announced that LIV Golf had taken over as an investor The deal is set to last until 2027, though details about that deal — including who the investor actually is — are scarce. And the league certainly needs more money.
All of this, and the fact that LIV Golf has been laying the foundations for bankruptcy in the United States for months, make Tuesday’s announcement highly impregnable.
The move to “LIV 2.0” is expected to take months to finalize. The covenant announced mass layoffs last monththey also saw that they had come to drink for many months. LIV Golf hopes to schedule 10 events by 2027, with five in the United States.
But this is a long way off, and there is much to be figured out beforehand. Filing for bankruptcy is a significant step, but he will have to do far from the last league in the coming months.
“Now is the time to enter the next phase of LIV Golf,” O’Neil wrote in a letter to fans. “Today we took an important step to get there. LIV Golf has started the process of establishing a court, which gives us the time and framework to address the previous financial obligations and complete the transaction that will make the next phase of the league a reality.
“Put simply, this process is designed to build a stronger and more sustainable future for LIV Golf.”