LIV Golf files for Chapter 11 bankruptcy
LIV Golf, the Saudi-backed professional golf league founded in 2021 that began staging tournaments in 2022, filed for Chapter 11 bankruptcy protection on September 8, 2026. The filing was made in the U.S. Bankruptcy Court for the District of New Jersey.
The league listed estimated assets of $100 million to $500 million and liabilities of $500 million to $1 billion. LIV Golf intends to emerge from Chapter 11 and begin its reorganized operations in early 2027, subject to court and stakeholder approval.
PIF invested more than $5.3 billion in LIV Golf
Saudi Arabia’s Public Investment Fund invested more than $5.3 billion in LIV Golf between 2021 and February 2026. The organization was established in 2021 and began staging tournaments in 2022 with financial backing from PIF.
LIV Golf had about $15 million in cash when it filed for bankruptcy on September 8, 2026. Reporting before the bankruptcy showed that its spending averaged approximately $100 million per month during 2024 and 2025.
LIV Golf reports assets far below debts
Court records show LIV Golf held between $100 million and $500 million in total assets at the time of filing. Liabilities were listed between $500 million and $1 billion, leaving a wide gap between what the league owns and owes.
The estimate ranges are wide because bankruptcy filings often use broad valuation brackets rather than exact figures. Analysts say the gap points to years of spending that outpaced the league’s revenue from sponsorships and media rights.
LIV Golf needed a $495 million loan for 2026
Saudi Arabia’s Public Investment Fund agreed to fund LIV Golf’s 2026 season only through a $495 million loan rather than a direct grant. Even that loan was not enough to cover the full schedule of tournaments.
LIV Golf canceled two tournaments in 2026 because of the funding shortfall, including a stop in Louisiana and one in Michigan. The league later merged its team championship into the final event held in Indiana.
Jon Rahm tops LIV Golf’s list of creditors
LIV Golf listed several of its own players among its largest unsecured creditors in the bankruptcy filing. Jon Rahm topped the list with a claim of about $7.47 million, followed by Bryson DeChambeau at $5.76 million.
Dustin Johnson was owed about $5.48 million and Cameron Smith about $4.85 million, based on the same court records. These figures reflect past-due payments rather than the full value of each player’s original contract.
Fun fact: “LIV” is the Roman numeral for 54, the total holes in the league’s original 3-round format.
LIV Golf’s top 30 creditors owed $64.2 million
The 30 largest creditors listed in LIV Golf’s bankruptcy filing carry combined claims worth $64.2 million, court records show. Of those 30 creditors, 14 are current or former LIV Golf players.
The state of Louisiana also appears among the largest creditors, owed about $1.2 million after LIV Golf postponed its planned event there. LIV Golf also fell $1.7 million short on money it had promised the United Nations High Commissioner for Refugees.
LIV Golf generated limited media and merchandise revenue
LIV Golf’s television arrangements generated approximately $5 million annually, according to financial information disclosed during the bankruptcy process. Its annual team-merchandise revenue was reported at a similarly modest level.
The bankruptcy declaration also reported average corporate purchasing-card spending of approximately $250,000 per month, not per year. The figures illustrate how LIV Golf’s commercial revenue remained small compared with its operating expenses and PIF funding.
LIV Golf’s 2026 season ended early in August
LIV Golf wrapped up its 2026 season in Indianapolis in late August, about one week earlier than originally scheduled. The league had already canceled its planned season finale in Michigan and merged that event into the Indiana stop.
LIV Golf also laid off most of its remaining staff about one week before filing for bankruptcy protection, according to court filings. The early finish and staff cuts followed months of public questions about the league’s finances.
LIV Golf agrees to proposed recapitalization with BC Partners
LIV Golf entered a restructuring support agreement with BC Partners Advisors L.P., operating through BC Partners Credit. The proposed transaction would make BC Partners the primary source of new capital for a reorganized LIV Golf.
The plan contemplates a player-first ownership model under which participating golfers would receive a majority equity interest in the reorganized league. The transaction remains subject to court approval, player participation and other required conditions.
LIV Golf targets a 2027 return with new format
LIV Golf is targeting a return in early 2027 with an expanded 75-player field and a cut after 54 holes. The proposal also includes additional entry routes, including Monday qualifiers.
The league says it intends to continue holding events in markets such as Australia, South Africa, Mexico, England, Hong Kong and the United States. It has not released a complete confirmed schedule or exact dates for 2027.
LIV Golf’s CEO faces an October 13 deadline
LIV Golf’s proposed recapitalization requires at least 50% of the players holding covered financial claims to support the agreement within 35 days of the September 8 bankruptcy filing. That deadline falls on October 13, 2026.
The deadline is a condition of the proposed BC Partners transaction and does not guarantee that individual players will join the reorganized league. Players remain free to evaluate their contractual and professional options during the restructuring.
LIV Golf launched in 2021 with huge contracts
LIV Golf launched in 2021 under founding commissioner Greg Norman, offering guaranteed contracts far larger than anything the PGA Tour paid at the time. Phil Mickelson reportedly signed for about $200 million to join the new league.
The league’s Saudi funding also drew public criticism when it launched, with some calling it an attempt to improve Saudi Arabia’s global image through sports. Scott O’Neil later replaced Norman as CEO as LIV Golf shifted its public strategy.
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LIV Golf’s future stays uncertain in late 2026
As of September 2026, LIV Golf’s long-term future depends on whether its restructuring plan wins court approval and whether enough players agree to stay under the new ownership model. The Chapter 11 process could take months to complete.
If the plan succeeds, LIV Golf would return in early 2027 as a smaller, player-owned league backed by BC Partners financing. If it fails, the Saudi-funded experiment that reshaped professional golf could end for good.
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This slideshow was made with AI assistance and human editing.
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