LIV Golf files for bankruptcy protection as it tries to survive in a smaller version
Also reported by Axios
Summary
LIV Golf filed for Chapter 11 bankruptcy protection with over $500 million in debt after Saudi Arabia’s fund stopped supporting the league. The company plans to restructure and create a smaller version of LIV Golf where players will have ownership, featuring fewer events and a new team format based on countries.Key Facts
- LIV Golf owes more than $500 million and filed for bankruptcy protection in New Jersey.
- Saudi Arabia’s Public Investment Fund ended its financial support after the 2026 season.
- LIV Golf agreed to restructure with BC Partners providing new capital.
- CEO Scott O’Neil described the new plan as “LIV Golf 2.0” with players becoming majority owners.
- The new league will have 75 players, up from 57, and add a 54-hole cut (a rule to reduce the field during the event).
- Teams will be formed based on nationalities, focusing on markets in Australia, South Africa, and Asia.
- LIV Golf originally spent over $5 billion on player bonuses and expenses to attract stars from the PGA Tour.
- Top LIV players like Jon Rahm and Bryson DeChambeau have contracts, but their future with the league is uncertain.
