LIV Golf has filed for Chapter 11 bankruptcy protection in New Jersey. Court documents show LIV has estimated liabilities of between $500 million and $1 billion, against assets of just $100 m
LIV Golf has filed for Chapter 11 bankruptcy protection in New Jersey. Court documents show LIV has estimated liabilities of between $500 million and $1 billion, against assets of just $100 million to $500 million. More than 1,000 creditors are listed, including some of the biggest names in golf.
Jon Rahm is owed about $7.5 million, Bryson DeChambeau roughly $5.7 million and Dustin Johnson around $5.5 million in unsecured claims. Fourteen players are among LIV's 30 largest creditors.
The filing follows the withdrawal of financial backing from Saudi Arabia's Public Investment Fund, which poured more than $5 billion into LIV. PIF is still providing approximately $49.6 million in bankruptcy financing to help fund the restructuring process.
LIV insists this is not the end of the tour. CEO Scott O'Neil said Chapter 11 will give the company time to complete a restructuring transaction and launch a new version of the league in 2027.
LIV 2.0 Could Give Players Majority OwnershipOne of the biggest changes is expected to be a move away from the huge guaranteed contracts that defined LIV's early years toward a player-owned model.
Under a restructuring agreement with BC Partners Credit, the reorganized LIV Golf is expected to be majority owned by players. The transaction still requires court and stakeholder approval, with LIV aiming to emerge from Chapter 11 in early 2027.
The proposed ”LIV 2.0” would also feature a 75-player field, a cut and additional qualification pathways while keeping LIV's team format and international focus. The league discussed events in five continents, including Australia, South Africa, Mexico, England, Hong Kong and the US.
Jon Rahm
However, LIV's biggest challenge may be keeping its stars. Rahm, DeChambeau and others must now weigh the potential value of equity in a rebuilt league against the millions they are already owed and opportunities elsewhere.
A PGA Tour Return Is Not StraightforwardA mass return to the PGA Tour is far from guaranteed. The Tour created a one-time Returning Member Program earlier this year that allowed Brooks Koepka back under strict financial and competitive conditions, but that window closed in February.
PGA Tour CEO Brian Rolapp said in August there were ”no current plans” to revive the program, which leaves LIV players without a clear pathway back for now.