LIV Golf has initiated Chapter 11 bankruptcy proceedings in New Jersey, marking a significant pivot for the professional golf tour less than five years after its debut. The filing, submitted on Tuesday, allows the league to retain control of its operations while pursuing financial reorganization under court supervision.
The move sheds light on the organization’s strained finances, revealing liabilities estimated between $500 million and $1 billion owed to over 1,000 creditors. Among those owed substantial sums are prominent players, including Jon Rahm, who holds the largest player claim at $7.5 million, followed by Bryson DeChambeau at $5.7 million, Dustin Johnson at $5.5 million, Cameron Smith at $4.8 million, Tyrrell Hatton at $3.4 million, and Brooks Koepka at $1.7 million. Koepka departed the league at the start of 2026.
The bankruptcy was anticipated after LIV eliminated most of its staff earlier this month and canceled its season-ending team championship in August. These decisions followed the withdrawal of financial backing from Saudi Arabia’s Public Investment Fund (PIF), which had invested approximately $5 billion into the tour since its launch in 2022.
Under the restructuring plan, PIF will provide a loan of nearly $50 million to support the process. LIV has also partnered with British investment group BC Partners to facilitate the reorganization.
League officials emphasize that the filing is not an indication of dissolution but rather a step toward launching a restructured version of the tour. CEO Scott O’Neil stated that a “2.0” iteration of LIV Golf is expected to emerge next season under new investors, featuring a condensed schedule and lower prize funds.
“Today, we took an important step forward to get there,” O’Neil wrote in a letter to fans. “LIV Golf has entered a court-supervised restructuring process that provides us with the time and framework to address previous financial obligations and complete a transaction that will make the League’s next phase a reality.”
O’Neil outlined plans to maintain events in key international markets, including Australia, South Africa, Mexico, Hong Kong, and England, while also seeking to continue operations in the United States. The revised model will prioritize team-based golf and aim for closer alignment between players and the league.
The future roster remains uncertain, with widespread speculation linking several top LIV stars to potential returns to the PGA Tour. However, the PGA has indicated it currently has no intention of offering a pathway back for former LIV players.
Does anyone actually think a ‘LIV 2.0’ with lower prize money will be exciting? Seems doomed.
So PIF is still lending them $50 million? Doesn’t that mean they never really left?
I can’t believe Rahm is owed $7.5 million! That’s actual money they have to sort out now.
Good riddance. The whole venture felt like a cash grab from the start, not real golf.