LIV Golf has filed for Chapter 11 bankruptcy protection in the United States as it seeks to restructure the breakaway league and create a new ownership model in which players are expected to hold a majority stake.
LIV Golf Incorporated and affiliated companies began the court-supervised process on Tuesday in the United States Bankruptcy Court for the District of New Jersey. The league said it had also signed a restructuring support agreement with BC Partners Credit.
The proposed recapitalisation is intended to keep the business operating while a new ownership structure is put in place. LIV said discussions with players were at an advanced stage, with the reorganised company expected to be majority-owned by them.
Scott O’Neil, LIV Golf’s chief executive, said the process would provide the “structure and time” needed to pursue a new chapter for the league, centred on fans, players and a wider role in professional golf.
Saudi Arabia’s Public Investment Fund has agreed to provide $49.6 million in debtor-in-possession financing, although the funding remains subject to approval by the bankruptcy court. BC Partners Credit and potential minority investors are expected to provide financing when the league exits Chapter 11.
LIV Golf said it intends to emerge from the restructuring and begin its next era in early 2027. The transaction, however, remains subject to approval from the court and other relevant stakeholders.
The league is also seeking recognition of the US bankruptcy proceedings in England and Wales in an attempt to protect its international assets and operations.
