LIV Golf announced a bankruptcy filing in the U.S. Bankruptcy Court for the District of New Jersey on Tuesday as the upstart golf league contends with the expiration of its primary financial backing. The venture entered into a restructuring support agreement with BC Partner Advisors LP, the credit arm of private equity firm BC Partners, signaling the organization’s intention to pursue Chapter 11 protection.
The Saudi Arabia Public Investment Fund, which initially founded the league, was anticipated to conclude its funding commitments at the end of the 2026 schedule. In response to this funding challenge, LIV had previously launched an investor roadshow seeking up to $350 million in new capital from potential stakeholders. The bankruptcy filing represents a formal restructuring effort designed to secure the league’s operational continuity.
Under the proposed restructuring plan pending court approval, the league is expected to transition to majority ownership by its players. LIV indicated it remains engaged in advanced negotiations with its roster regarding the ownership arrangement. To sustain operations during the bankruptcy proceedings, PIF agreed to provide $49.6 million in financing. Post-bankruptcy, BC Partners Credit and other minority investors are expected to supply additional financing for ongoing operations.
LIV Golf CEO Scott O’Neil characterized the bankruptcy process as providing necessary structure and time to complete a significant transaction while implementing a player-centered ownership framework. The golf venture has faced competitive pressures since its inception, having attracted elite athletes through substantial compensation packages. A proposed merger with the PGA Tour was agreed upon in 2023 but has not yet been finalized.
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