LIV Golf files for Chapter 11 with up to $1 billion in liabilities as Jon Rahm, Bryson DeChambeau and other stars face an uncertain future.
LIV Golf’s fight for survival has moved into bankruptcy court.
The professional golf league filed for Chapter 11 protection Tuesday in New Jersey, opening a sweeping restructuring that could dramatically change LIV Golf in 2027, including who owns it, who plays in it and how its tournaments operate.
Court filings show LIV has between $500 million and $1 billion in liabilities compared with assets estimated between $100 million and $500 million.
Some of the biggest names in golf are among the creditors.
Jon Rahm is listed as the largest unsecured player creditor, owed approximately $7.47 million. Bryson DeChambeau is owed about $5.77 million, while Dustin Johnson and Cameron Smith are also among players with millions still due under participation agreements.
That creates another major question surrounding LIV’s future ... Will its stars stick around?
The bankruptcy process could provide players opportunities to exit or renegotiate existing agreements, potentially reopening pathways to the PGA Tour or DP World Tour.
For now, LIV is trying to build a second act.
Saudi Arabia’s Public Investment Fund has agreed to provide $49.6 million in debtor-in-possession financing, pending court approval, to keep the organization operating through bankruptcy.
PIF had previously announced it would end its long-term financial backing of LIV after spending more than $5 billion since the league’s launch.
BC Partners Credit is positioned to become a major financial player in the proposed restructuring. LIV says BC Partners and other possible minority investors could provide financing when the company emerges from Chapter 11.
The bigger overhaul is being promoted as “LIV Golf 2.0.”
CEO Scott O’Neil says the league wants players to hold a majority ownership position while creating a more sustainable business model.
Competition could look different, too.
LIV plans to expand its field to 75 golfers, introduce a cut and create additional entry routes including Monday qualifying.
The league intends to continue playing 72-hole tournaments and stage events across five continents while emphasizing national identities for more teams.
It’s a dramatic reversal for a league that arrived in professional golf with enormous Saudi backing and record-setting player contracts.
LIV once tried to disrupt golf’s establishment with almost unlimited financial firepower. Now its next challenge is considerably more basic. It has to prove it can survive.
