LIV Golf, the Saudi-backed golf league, has filed for Chapter 11 bankruptcy protection in New Jersey, marking a dramatic end to its challenge against the PGA Tour. The league spent over $5 billion in its attempt to disrupt professional golf, with significant losses, including $3 billion in its U.S. operations and another $2 billion in the U.K. as of December 31, 2025. This move comes after the Public Investment Fund (PIF) of Saudi Arabia halted its financial support earlier this year, though it has committed an additional $50 million in financing to assist during the bankruptcy process.
Under the proposed restructuring, LIV Golf is in advanced discussions for players to assume ownership of the enterprise, with BC Partners serving as the primary source of new capital, having agreed to inject $300 million. This new iteration, referred to as "LIV Golf 2.0" by CEO Scott O'Neil, aims to have players as majority owners, expand the field from 57 to 75 players, and introduce a 54-hole cut. The league currently owes its players at least $45.5 million, with notable figures including Jon Rahm ($7.5 million) and Bryson DeChambeau ($5.8 million) among the top creditors.
LIV Golf had approximately $15 million in cash on hand at the time of filing and has incurred significant debt, including over $500 million in total. The league's revenue streams in 2025 showed broadcasting rights and merchandise sales each accounting for only 5% of total revenue, while team sponsorships generated 20%. Sponsorship revenue, however, had grown from $16 million in 2023 to $102 million in 2025, with an additional $300 million in long-term contracts secured for 2027-2029. LIV Golf also owes $18.5 million in taxes and fees to various jurisdictions.
The bankruptcy filing also reveals attempts at cost-cutting, including canceling tournaments, reducing fan experience spending, and cutting staff to 41 employees. LIV Golf is requesting the rejection of numerous contracts with vendors, broadcast talent, and travel agencies, as well as its office lease, to shed financial burdens. The league's goal is to emerge from bankruptcy and complete its reorganization by January 2027, provided a requisite number of players agree to the restructuring deal within 35 days of the September 8 filing date.
