LIV Golf announced Tuesday that the league has begun its restructuring process by filing for Chapter 11 bankruptcy in the U.S. Bankruptcy Court of New Jersey with the assistance of BC Partners' credit business. The court-supervised restructuring mechanism will allow LIV Golf to pursue its next phase of "LIV 2.0" with players holding a majority ownership stake in the league.
"Plenty of well-known companies have taken this path before us, including Marvel Entertainment, Delta Airlines, and Caesars Entertainment, along with sports franchises like the Los Angeles Dodgers, Pittsburgh Penguins, and Leeds United F.C," said LIV Golf CEO Scott O'Neil in a letter to fans. "We are entering this process with a clear plan and the support of BC Partners, well-capitalized investors with deep experience in sports and entertainment." The move comes after a tumultuous 2026 season in which the league's financial backer, Saudi Arabia's Public Investment Fund, ended its financial commitment, prompting the circuit to seek new investment to fund O'Neil's vision for a restructured league. LIV Golf was forced to cancel two tournaments, and it failed not only to pay vendors but also some of its players, according to court documents obtained by the Financial Times.
Two-time major champions Jon Rahm, Bryson DeChambeau and Dustin Johnson all possess unsecured claims north of $5 million. Other notable players to top the list include Cameron Smith, Tyrrell Hatton and Bubba Watson, each of whom is owed more than $3 million. LIV ch 11 petition hits the docket.
Here are the top 10 unsecured creditors starting with Jon Rahm and Bryson DeChambeau:https://t.co/kO0K6m2ycA pic.twitter.com/g7cmb4DLte O'Neil provided more information about the league's future playing structure. LIV Golf plans to compete across five continents with fields expanding to 75 players. Tournaments will feature both cuts and Monday qualifiers.
Music will continue to play during the competition. No definitive decisions on the 2027 schedule or any events have been announced yet, nor has a list of players who will make up those fields. Playing on the DP World Tour this week at the Irish Open, Rahm was asked by BBC Sport about his future with LIV Golf.
"There's just a lot of things in place, right? There's a lot of things that could happen, and it's one of those things where time's gonna tell," he said. I still have a contract with LIV 1.0 that I'm more than willing to fulfill.
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