LIV Golf files for Chapter 11 bankruptcy: What we know
LIV Golf has begun restructuring proceedings in New Jersey bankruptcy court. The league owes more than $1 million to at least 24 creditors, while Saudi Arabia’s PIF will provide $49.6 million in debtor-in-possession financing.
- After months of rumors, lawsuits and financial uncertainty, LIV Golf has officially filed for bankruptcy.
- The rival league has sought Chapter 11 protection in New Jersey, a corporate restructuring process generally intended to allow a company to continue operating.
- Jon Rahm described the move as the end of “LIV Golf 1.0.” The filing arrived shortly after 4 p.m.
- They also officially identify the “lead investor” first mentioned by LIV CEO Scott O’Neil a month ago.
After months of rumors, lawsuits and financial uncertainty, LIV Golf has officially filed for bankruptcy. The rival league has sought Chapter 11 protection in New Jersey, a corporate restructuring process generally intended to allow a company to continue operating. Jon Rahm described the move as the end of “LIV Golf 1.0.”
The filing arrived shortly after 4 p.m. Eastern time. The documents include previously undisclosed information about money owed to players and vendors, some of whom recently sued the league over unpaid services. They also officially identify the “lead investor” first mentioned by LIV CEO Scott O’Neil a month ago. O’Neil separately wrote a letter to fans about the league’s next phase.
LIV owes more than $1 million to at least 24 creditors
A bankruptcy filing requires a company to identify its 30 largest creditors. The initial documents indicate that LIV owes more than $1 million to at least 24 parties. Jon Rahm tops the list with a claim of $7.4 million, while Lucas Herbert is listed at $1.01 million.
Brooks Koepka, who left LIV 10 months ago, is also listed and is owed approximately $1.68 million. YouTuber Rick Shiels is owed roughly $1.4 million stemming from an official partnership he signed with the league several years ago. Other creditors include the state of Louisiana and the Asian Tour, illustrating the broad network of partnerships LIV Golf was trying to maintain before Saudi Arabia’s PIF decided to end its funding of the enterprise.
PIF is still funding the league
As part of the case, Saudi Arabia’s PIF will provide LIV Golf with $49.6 million in debtor-in-possession financing. This is likely the final stage of Saudi funding, which approached $6 billion over the past five years.
Just four and a half months ago, PIF said it would fund LIV only through the 2026 season. Even that promise was short-lived: LIV first postponed and then canceled its New Orleans event, later canceling its Team Championship in Michigan and folding part of it into the schedule of its final individual event in Indianapolis.
Player contract figures vary widely
The top of the list of largest player creditors contains no surprises. Rahm is followed by Bryson DeChambeau at $5.7 million and Dustin Johnson at $5.4 million. The claims are tied to Player Participation Agreements — playing contracts that LIV famously introduced to professional golf.
The listed amounts are far smaller than the hundreds of millions of dollars reportedly included in players’ original contracts with LIV. It is therefore difficult to know what the figures represent: individual installments remaining under the contracts, obligations for the rest of 2026, or amounts left after LIV allows players to retain the full value of their name, image and likeness rights in a future version of the league. The source says the matter remains unclear.
LIV litigation appears in the filing
In recent weeks, several companies have sued LIV Golf over unpaid services and contract breaches. They are listed as official creditors in the filing. Fresh Tape Media, which is suing LIV for more than $1.2 million, is among them.
World Golf Group Limited and Premier Golf League are also listed, in a related but distinct context. Premier Golf League was the entity that originally pursued launching a rival professional league. The amount credited to WGG and PGL is listed as “undetermined” because of ongoing litigation in the United Kingdom.
Listing these entities does not necessarily mean the disputed amounts will be resolved in their favor. For now, the bankruptcy filing automatically halts ongoing litigation in almost all cases, placing a stay on the mounting lawsuits against LIV.
“Lead investor” identified
On Aug. 5, five weeks ago, O’Neil first said the league had signed a term sheet with a “lead investor” for its second iteration. It was quickly reported that the investor was the credit arm of BC Partners, led in the deal by Ted Goldthorpe. A week later, Goldthorpe was in Indiana pitching the project to players at their final event.
Although O’Neil and LIV had refused to officially acknowledge BC Partners over the previous month, the league was now required to identify it. In a press release, LIV named BCP as the investor and future sponsor that will provide exit financing after the bankruptcy process, as the league envisions it, is complete. Minority partners could also join the future sponsorship and exit-financing arrangement.
What is next for LIV?
Everything remains subject to court approval. New Jersey bankruptcy judge Michael B. Kaplan was assigned the case Tuesday, and separate voluntary petitions were filed for dozens of LIV subsidiaries through which the league operated.
“LIV 2.0,” as the next version has repeatedly been called, is intended to be a player-owned league. O’Neil outlined the plan in his letter to fans, writing:
“We intend to expand our fields to 75 players, introduce a cut, and create additional pathways for players to earn their way into LIV Golf, including Monday qualifiers.”
That would represent a significantly different golf league. O’Neil now has about five months to deliver on this week’s promises. LIV’s press release said the league hopes to emerge from Chapter 11 in early 2027.
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