LIV Golf has filed for Chapter 11 bankruptcy protection under US bankruptcy law. The petition was filed in federal court in New Jersey on Tuesday, officially initiating legal proceedings to resolve the financial issues of the controversial golf league. This legal action follows the withdrawal of multi-billion-dollar funding for the project by the Saudi Public Investment Fund (PIF) in April.
According to documents, LIV Golf owes players at least $45 million (£33 million). This amount relates to unpaid prize money for the third quarter of 2026. The total debt encompasses 14 current and former players who are among the league’s top 30 largest unsecured creditors. The largest unsecured claim is held by Jon Rahm at $7.5 million, while Bryson DeChambeau seeks $5.7 million, Dustin Johnson $5.5 million, and Cameron Smith $4.8 million.
Other significant creditors include Tyrrell Hatton with a claim of $3.4 million and Brooks Koepka with $1.7 million. Koepka, it is noted, had already joined the PGA Tour in January. Contracts from the previous iteration of LIV Golf are terminating due to this legal proceeding, paving the way for a completely new competition format. PIF has spent more than $5 billion to launch the league since 2021, and the 2026 season ended prematurely.
The league estimates its assets to be between $100 million and $500 million, while liabilities stand between $500 million and $1 billion. PIF secured a bankruptcy loan of $49.6 million under 'debtor-in-possession' (DIP) financing. Meanwhile, LIV Golf has found a new investor in the form of the international investment firm BC Partners.
Chief Executive Scott O'Neil expressed a high level of confidence in achieving a 'critical mass' of players for the new league. A player-majority-owned league is planned to launch early next year. Players will be issued shares, and individual commercial rights have been returned to them. The new model includes a field of 75 players, the introduction of cuts, qualifiers, and teams emphasising national identity. Prize money will be lower than on the PGA Tour, but higher than on the DP World Tour. Players are under no obligation to sign up for the new project.
