LIV Golf Declares Chapter 11 Bankruptcy: Players to Assume Control
The Saudi-supported golf league, LIV Golf, has lodged a Chapter 11 bankruptcy protection application with the U.S. Bankruptcy Court of New Jersey. This marks a disgraceful conclusion to one of the most costly and contentious ventures in sports history. The league, which had received over $5 billion from Saudi Arabia’s Public Investment Fund (PIF) since its inception, reported assets between $100 million and $500 million, compared to liabilities ranging from $500 million to $1 billion.
Following the 2026 season, PIF withdrew its financial backing, citing a change in investment strategy. Among the league’s leading unsecured creditors are renowned players owed millions in unsettled contracts:
- Jon Rahm ($7.5M)
- Bryson DeChambeau ($5.7M)
- Dustin Johnson ($5.5M)
- Cameron Smith ($4.8M)
- Brooks Koepka ($1.7M)
In collaboration with private equity firm BC Partners Advisors LP, LIV is seeking court approval for a plan that would transfer majority ownership of the league to its players. PIF has agreed to provide $49.6 million in debtor-in-possession financing to sustain the organization during the proceedings. LIV CEO Scott O’Neil voiced optimism about the league’s future, stating that the process provides LIV with “the structure and time to pursue a landmark transaction” centered around fans and a player-first ownership model. A potential restart is anticipated in early 2027.
Sources: CNBC — LIV Golf Files for Chapter 11 Bankruptcy Protection | Axios — LIV Golf Bankruptcy: Saudi-Backed League Files Chapter 11