LIV Golf has filed for Chapter 11 bankruptcy protection as the Saudi-backed golf league faces the loss of its funding and seeks new investment to support its operations.
The golf venture, initially backed by Saudi Arabia's Public Investment Fund (PIF), said Tuesday it had entered into a restructuring support agreement with BC Partner Advisors LP, the credit arm of private equity firm BC Partners.
Under the agreement, LIV will seek Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey.
PIF is expected to withdraw its funding at the end of LIV's 2026 schedule, while the league launched an investor roadshow earlier this year seeking to raise up to US$350 million from stakeholders.
Under the proposed bankruptcy agreement, which requires court approval, LIV is expected to become majority-owned by its players.
The league said it remains in advanced talks with players over the proposed ownership structure.
PIF has agreed to provide $49.6 million in bankruptcy financing to keep LIV operating during the proceedings.
Following its exit from bankruptcy protection, BC Partners Credit and other minority stakeholders are expected to provide additional financing.
“This process gives us the structure and time to pursue a landmark transaction and begin the next chapter of LIV Golf - one built around the fans, an innovative, player-first ownership model, and a part of the global golf ecosystem,” CEO Scott O’Neil said.
LIV Golf was established as a rival to the PGA Tour and attracted a number of high-profile players with lucrative contracts and prize money. In 2023, the league reached an agreement in principle to merge with the PGA Tour, although the proposed deal has yet to be completed.
