LIV Golf Files for Bankruptcy as Saudi Funding Support Nears End
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LIV Golf has filed for Chapter 11 bankruptcy protection in the US, as the Saudi-backed league moves to restructure its finances and secure a new ownership and funding model.
The golf circuit has entered into a restructuring support agreement with BC Partner Advisors LP, the credit arm of private equity firm BC Partners. LIV will now seek approval from the US Bankruptcy Court for the District of New Jersey to proceed with the proposed restructuring.
The filing comes as LIV approaches the end of its existing financial support from Saudi Arabia’s Public Investment Fund (PIF). PIF had been LIV’s principal financial backer since the league was launched as a challenger to the established professional golf structure.
Players Could Become Majority Owners
One of the most significant elements of the proposed restructuring is a potential shift in ownership.
Under the plan, LIV’s players are expected to become majority owners of the venture, although discussions with the players are still ongoing and the transaction remains subject to court approval.
PIF has committed approximately $49.6 million in debtor-in-possession financing to support LIV while it works through the Chapter 11 process.
Once the restructuring is completed, BC Partners Credit and other minority investors are expected to provide additional capital.
Search for New Investment
LIV’s financial challenges have been building as it looks to establish a sustainable funding model beyond its Saudi backing.
The league launched an investor roadshow earlier in 2026 with the aim of raising as much as $350 million to support its operations.
The bankruptcy proceedings could provide LIV with additional time to complete a broader investment transaction while continuing to operate its competition schedule.
LIV Golf CEO Scott O’Neil said the restructuring process would provide the organisation with the framework to pursue a significant transaction and develop a new model focused on fans and players.
What It Means for Golf
LIV Golf was launched with substantial financial backing from PIF and quickly disrupted professional golf by attracting several of the sport’s biggest names with lucrative contracts and prize purses.
The league’s emergence triggered a major split within elite men’s golf and intensified competition with the PGA Tour.
In 2023, LIV and the PGA Tour announced plans for a broader agreement that would bring their commercial interests closer together, alongside DP World Tour and PIF interests. However, the proposed agreement has yet to be fully implemented.
LIV’s Chapter 11 filing therefore marks another major turning point in the rapidly changing economics and governance of professional golf.
The immediate priority will be securing court approval, maintaining operations through the restructuring and determining whether the proposed player-led ownership model can provide LIV with a sustainable future beyond its original Saudi-funded structure.