LIV Golf has filed for bankruptcy protection in the United States, setting the stage for a major restructuring that could see its players become the league’s majority owners.
The Saudi-backed golf league voluntarily filed for Chapter 11 protection in the US on Tuesday, following a Restructuring Support Agreement with BC Partners Credit, as it seeks new investment and aims to emerge with a new ownership structure in early 2027.
Under the proposed restructuring, the reorganised LIV Golf is expected to be majority-owned by its players, with discussions between the league and players already at an advanced stage.
The proposed transaction is intended to align the players’ interests with the league’s long-term future and is subject to approval by the bankruptcy court and relevant stakeholders.
LIV Golf CEO Scott O’Neil said the restructuring would enable the league to pursue the proposed transaction and to enter its next phase.
“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,” O’Neil said.
Gene Davis, chairman of the board’s Special Committee, said the restructuring was intended to protect what LIV Golf’s players, employees and business partners had built since the league was launched.
“The Board’s priority is to protect what they have built,” Davis said, adding that the board believed the move represented the most responsible path forward for the league and its stakeholders.
As part of the restructuring, the Public Investment Fund of Saudi Arabia (PIF) has agreed to provide US$49.6 million in debtor-in-possession financing, pending court approval.
BC Partners Credit and other potential minority investors are expected to provide exit financing and act as plan sponsors to capitalise the reorganised company once it emerges from Chapter 11.
LIV Golf is also seeking recognition of the US Chapter 11 proceedings in England and Wales to protect its international assets and operations.
The league intends to emerge from Chapter 11 and enter its new phase in early 2027, subject to completion of the restructuring process and the necessary approvals.
LIV Golf’s restructuring marks a significant turning point for the Saudi-backed league, which has sought to establish itself as a major force in professional golf since its 2022 launch.
