LIV Golf seeks Chapter 11 protection amid planned 2027 relaunch

December 2026 | DEALFRONT | BANKRUPTCY & CORPORATE RESTRUCTURING

Financier Worldwide Magazine

December 2026 Issue

Controversial breakaway golf league LIV Golf has filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of New Jersey as part of a restructuring agreement with UK private equity firm BC Partners that it hopes will secure the league’s future beyond 2026.

The organisation, which created significant division within professional golf following its launch in 2022, reported liabilities of between $500m and $1bn and assets of between $100m and $500m in its Chapter 11 petition.

LIV Golf was established as a challenger to the PGA Tour and has been backed by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), since its inception. That support enabled the league to spend billions attracting some of the world’s leading golfers, offering substantial prize funds and staging tournaments across multiple international markets.

In a statement announcing the filing, LIV Golf confirmed it had executed a restructuring support agreement with BC Partners Credit to recapitalise the business. Under the proposed transaction, PIF has agreed to provide $49.6m in debtor-in-possession financing to maintain operations during the court-supervised restructuring process. Upon emerging from bankruptcy, BC Partners Credit and additional minority investors are expected to serve as plan sponsors and provide exit financing for the reorganised entity.

“The people of LIV Golf, led by the players, have continued to show incredible resilience, commitment, and a shared belief in what we are building,” said Scott O’Neil, chief executive of LIV Golf. “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. We will not rest until we deliver on LIV Golf’s full potential.”

Mr O’Neil said the league’s workforce and players had helped establish a platform aimed at attracting a new generation of golf fans. He described the restructuring as an opportunity to advance plans for the organisation’s future and said management remained focused on completing the transaction. He also expressed appreciation to players, employees, directors, investors and commercial partners for their continued support, while acknowledging the role played by Ducera Partners in the investment process.

“LIV Golf’s players, employees, and business partners have been central to its growth since its founding,” said Gene Davis, chairman of the board’s special committee. “In just a few years, they have built a global platform and expanded the game of golf worldwide. The Board’s priority is to protect what they have built. Working closely with Scott, management, and expert advisors, we reviewed all available options and believe today’s actions reflect the most responsible path forward for the League and its stakeholders.”

Rumours surrounding the league’s financial difficulties and its long-term future had circulated for months before the filing. In August, Mr O’Neil said he remained optimistic about the organisation’s prospects despite what he described as extremely challenging circumstances.

PIF announced in April that it would discontinue funding the venture after investing more than $5bn since its launch. In August, LIV Golf reduced the prize fund for its season-ending event in Indianapolis and reports suggested a number of players were awaiting payments linked to previous competitions. At least $45m is believed to be owed to players, who may now consider opportunities elsewhere as the restructuring proceeds.

According to a statement issued by the league, LIV Golf intends to resume global team-based competition in 2027 under a revised ownership structure, subject to court approval and stakeholder support. More recent filings indicate that players could ultimately hold a majority ownership stake in the reorganised business, while BC Partners Credit has outlined plans to provide substantial financing for the proposed relaunch.

Richard Summerfield