LIV files for bankruptcy with players listed as creditors

LIV Golf has filed for Chapter 11 bankruptcy protection in New Jersey. This comes as the Saudi-backed circuit attempts to restructure its business and secure a future beyond its current ownership model.

The filing was submitted on September 8, with court documents listing estimated liabilities of between $500 million and $1 billion. 

LIV’s assets were placed between $100 million and $500 million, underlining the financial difficulties facing the breakaway league after Saudi Arabia’s Public Investment Fund decided to end its funding following the 2026 season.

Several of LIV’s biggest names are listed among its unsecured creditors. Jon Rahm is owed approximately $7.47 million, while Bryson DeChambeau is listed at around $5.77 million. 

Dustin Johnson and Cameron Smith are also among the players waiting for millions in unpaid contractual payments. 

The figures reflect unsecured claims in the bankruptcy documents and may not represent the full remaining value of each player’s contract.

The filing follows months of uncertainty over LIV’s finances. The Public Investment Fund has invested more than $5 billion into the league since its launch in 2022, using substantial signing bonuses and guaranteed contracts to attract leading players from the PGA Tour. 

However, the Saudi fund announced earlier this year that continued investment in LIV no longer fit its strategy.

As part of the bankruptcy process, PIF has agreed to provide $49.6 million in debtor-in-possession financing, subject to court approval. 

The money is intended to keep LIV operating while it works through the restructuring and seeks a new financial foundation.

LIV has also reached a restructuring agreement with BC Partners Advisors. 

Under the proposed plan, the reorganized league would be majority-owned by its players, with BC Partners and other potential minority investors expected to provide financing when LIV exits Chapter 11. The company hopes to return in early 2027 under a new structure known as LIV 2.0.

The proposed ownership model could give players a greater role in the league’s future, but the plan still requires approval from the bankruptcy court. 

LIV is also negotiating with its golfers, with some players expected to decide whether to remain with the restructured circuit or pursue their claims through the bankruptcy process.

For LIV’s biggest stars, the situation creates uncertainty over both their unpaid earnings and their professional futures. 

Players who remain could receive equity in the reorganized league, while those who leave may have to recover outstanding payments through the court-supervised process.