LIV Golf has filed for Chapter 11 bankruptcy protection in New Jersey. This action puts its business model on hold after five years of operations. The bankruptcy filing comes after its 2026 season concluded early in Indianapolis due to the withdrawal of support from its key financial backer.
Saudi Arabia’s Public Investment Fund (PIF) halted funding in April. The fund redirected money toward domestic projects to manage financial pressures linked to the regional war with Iran. As a result, PIF governor Yasir Al-Rumayyan resigned from LIV’s board.
Between 2021 and 2026, LIV spent an estimated $5 billion to $8 billion. Bankruptcy filings reveal the league owes millions in unpaid compensation to top players, including Jon Rahm, Bryson DeChambeau, Dustin Johnson, and Cam Smith. The organization has laid off most operational staff and left event contractors waiting for payments. Furthermore, it faces a lawsuit from the Premier Golf League alleging breach of confidence and conspiracy.
PIF has provided $50 million to help LIV settle bills and keep operating during the bankruptcy proceedings. The league’s future depends on the proposed restructuring plan named “LIV 2.0.” Under this proposal, the London-based private equity firm BC Partners, linked financially to player agency GSE Worldwide, would fund a relaunch in 2027. This plan would give players majority ownership of the league.
LIV CEO Scott O’Neil has outlined a new format for the proposed reboot. It includes 75-player fields, 72-hole tournaments, cuts, Monday qualifiers, and a national team structure. This format closely resembles the traditional tour model that LIV initially aimed to replace.
Chapter 11 proceedings are expected to void current player contracts, leaving the league in a precarious position. The once-billion-dollar entry into professional golf now faces bankruptcy, unpaid obligations, and uncertainty about its future.