Sports

LIV Golf Enters Bankruptcy Protection, Owes Players Over $45 Million

By Laura Scott

LIV Golf has filed for Chapter 11 bankruptcy protection in the United States, with more than $45 million (£33 million) owed to its players, who now have the option to leave the league. The petition, filed Tuesday in the federal district court of New Jersey, is intended to help the company restructure after Saudi Arabia's Public Investment Fund (PIF) withdrew its multibillion-dollar backing in April. LIV Golf says it has secured a new investor, international firm BC Partners, to support what it calls the league's "next phase."

Court documents list the league's 30 largest unsecured creditors, with two-time major champion Jon Rahm topping the list at $7.5 million (£5.5 million). Other players owed significant sums include Bryson DeChambeau ($5.7 million), Dustin Johnson ($5.5 million), Cameron Smith ($4.8 million) and Tyrrell Hatton ($3.4 million). Brooks Koepka, who left LIV to rejoin the PGA Tour in January, is still owed $1.7 million. In total, 14 current and former LIV players among the top 30 creditors are owed just over $45 million. A source familiar with the matter told BBC Sport this figure reflects unpaid amounts for the third quarter of 2026, not the full sums owed.

LIV Golf's filings estimate its assets at between $100 million and $500 million, against liabilities of $500 million to $1 billion. The Chapter 11 process is expected to allow the league to begin talks with players about a new, majority player-owned league it plans to launch early next year. Sources say players are under no obligation to join this new version of LIV, even if they previously signed multi-year contracts, as those agreements will be terminated through the bankruptcy proceedings. It remains unclear when players might be free to negotiate with other tours.

Since its launch in 2021, LIV Golf has spent more than $5 billion in PIF funding, attracting major champions such as Rahm and DeChambeau with lucrative deals. However, its future has grown increasingly uncertain, with the 2026 season ending early. LIV chief executive Scott O'Neil told the BBC last month at the season finale in Indianapolis that he had "high levels of confidence" in reaching a "critical mass" of players for the new league. DeChambeau echoed optimism, saying there was "a lot of potential moving forward."

Speaking ahead of this week's Irish Open, Rahm remained noncommittal about his future, saying, "There's a lot of things in place... time's gonna tell," while noting he still has a LIV 1.0 contract he is "more than willing to fulfil."

As part of the bankruptcy process, PIF is providing $49.6 million (£36.6 million) in debtor-in-possession financing to support LIV during restructuring. Despite ending its funding, PIF said it "remains committed" to future investments in sports as a strategic priority.

In a letter to fans, LIV Golf described the court-supervised restructuring as a way to resolve financial obligations and build a "stronger and more sustainable future." O'Neil said the process would allow the league to move toward "an innovative, player-first ownership model" within the broader golf ecosystem.

The new league is expected to operate under a more sustainable financial model, with lower prize purses than the PGA Tour but higher than the DP World Tour. Players would receive equity stakes and regain individual commercial rights. Proposed format changes include expanding fields to 75 players, introducing a cut, adding qualifying events, and building more teams tied to national identities, with aspirations for them to become "enduring global sports businesses."