LIV Golf enters Chapter 11
LIV Golf Incorporated and its affiliates filed for Chapter 11 bankruptcy protection on September 8, 2026, in New Jersey. The filing began a court-supervised restructuring tied to new financing and proposed changes to the league’s ownership.
The filing listed assets between $100 million and $500 million and liabilities between $500 million and $1 billion. It named Jon Rahm, Bryson DeChambeau, Dustin Johnson, and Cameron Smith among the players owed millions in unsecured claims. LIV Golf said the restructuring would support its proposed player-first ownership model.
LIV Golf lists player claims
LIV Golf listed 14 current and former players among its largest unsecured creditors. Their stated player-contract claims totaled more than $45 million, though some amounts still remain contingent or disputed.
The six largest player claims were made by Jon Rahm, Bryson DeChambeau, Dustin Johnson, Cameron Smith, Adrian Meronk, and Tyrrell Hatton. Together, those listed amounts totaled about $31.4 million in claims.
Jon Rahm holds largest player claim
Jon Rahm held the largest listed player claim at nearly $7.5 million. His claim arose from player-contract obligations included among LIV Golf’s unsecured creditor amounts during the bankruptcy process itself.
Rahm said on September 8 that he remained willing to fulfill his LIV 1.0 contract. He also acknowledged uncertainty about where he would compete during the 2027 golf season.
Bryson DeChambeau faces uncertainty
Bryson DeChambeau appeared among LIV Golf’s largest player creditors, with a claim of about $5.77 million. The filing classified his amount as contingent, leaving the final payable amount unresolved.
DeChambeau’s future with LIV Golf also remained unsettled. The league sought court approval regarding existing player contracts while negotiating a revised structure designed to give participating golfers greater ownership stakes.
Dustin Johnson claim remains disputed
Dustin Johnson’s listed player claim stood near $5.49 million, placing him behind Rahm and DeChambeau. Bankruptcy materials classified Johnson’s amount as contingent, unliquidated, and disputed during the ongoing restructuring proceedings.
Those classifications mean LIV Golf did not accept Johnson’s listed amount as a fixed obligation. The claim requires further resolution through the bankruptcy process before any final payment becomes certain.
Cameron Smith joins creditor list
Cameron Smith appeared with a listed player-contract claim of about $4.84 million. That amount placed the Australian golfer among LIV Golf’s largest named player creditors after the Chapter 11 filing.
Smith’s presence also showed the creditor list extended across LIV Golf’s international roster. The league’s 2026 season included dozens of golfers representing countries across several regions, as well as team-based competitions globally.
LIV Golf receives interim financing approval
Saudi Arabia’s Public Investment Fund agreed to provide $49.6 million in debtor-in-possession financing to support LIV Golf during its Chapter 11 restructuring. The bankruptcy court has granted interim approval allowing LIV Golf to access the first $14 million.
A final hearing on the financing and other restructuring requests is scheduled for October 7, 2026. BC Partners Credit and other potential minority investors are expected to provide exit financing if the proposed recapitalization receives the required approvals from the court and stakeholders.
BC Partners joins restructuring plan
LIV Golf entered a restructuring support agreement with BC Partners Advisors through BC Partners Credit. The agreement forms part of a proposed recapitalization transaction announced alongside the Chapter 11 filing.
BC Partners Credit and other possible minority investors are expected to support the reorganized league after approval. The proposed transaction remained incomplete when LIV Golf announced its bankruptcy restructuring process.
Players may gain majority ownership
LIV Golf said the reorganized company is expected to become majority-owned by players. The league also reported advanced discussions with golfers regarding the proposed structure and details of the future operating model.
The ownership proposal remains subject to court and stakeholder approval. Player control has therefore not transferred, and final ownership terms will depend on the restructuring process and on the completed agreements.
Saudi funding changes direction
Saudi Arabia’s Public Investment Fund financed LIV Golf after its 2022 launch and invested more than $5 billion before announcing in 2026 that it would end its long-term financial backing after the season.
LIV Golf subsequently pursued outside investment and entered Chapter 11 while working on a proposed recapitalization with BC Partners Credit. Chapter 11 generally allows a business to continue operating while restructuring under court supervision.
Fun fact: LIV’s name originally matched its 54-hole format because LIV equals 54 in Roman numerals, making its later move to 72 holes rather awkwardly ironic.
LIV Golf targets early 2027
LIV Golf said it intends to emerge from Chapter 11 in early 2027 if required approvals proceed as planned. That timing remains a target rather than a guaranteed completion date.
The league also seeks recognition of the United States proceeding in England and Wales. LIV Golf said that step would help protect international assets and operations during restructuring proceedings there.
LIV Golf considers smaller 2027 schedule
Before the bankruptcy filing, reports said LIV Golf was considering a reduced 10-event schedule for 2027, consisting of 5 international team events and 5 signature events. The proposal was not a finalized calendar.
LIV Golf has not announced a definitive 2027 schedule. Any calendar remains dependent on completing the restructuring, securing financing, reaching player agreements, and successfully establishing the reorganized league.
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LIV Golf future remains unresolved
LIV Golf’s Chapter 11 filing does not mean the league has closed. The process generally allows a business to keep operating while restructuring debts under court supervision during ongoing proceedings.
Key unresolved matters include player claims, Rahm’s contract, DeChambeau’s next move, court approval, and whether the proposed player-owned version can begin operating in early 2027 as currently planned.
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LIV Golf’s bankruptcy raises major questions about player contracts, ownership, and the league’s future. Do you think a player-owned structure can make the tour sustainable? Share your thoughts in the comments below!
This slideshow was made with AI assistance and human editing.
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