LIV Golf files for bankruptcy protection as Saudi-backed tour seeks new investors

LIV Golf, the breakaway golf tour that spent billions of dollars to lure some of the sport’s biggest names away from the PGA Tour and triggered a bitter divide in professional golf, has filed for bankruptcy protection in the US. 

The filing in a New Jersey court comes months after LIV abruptly lost the backing of its deep-pocketed Saudi investors. The bankruptcy proceedings are expected to provide the tour with time and structure to reorganise its operations and secure new investors. 

According to media reports, court documents show that LIV has estimated liabilities of between $500 million and $1 billion owed to at least 1,000 creditors. The list includes some of its biggest stars, such as Bryson DeChambeau, Jon Rahm, and Cam Smith. 

Uncertain future for players 

The bankruptcy filing has cast further uncertainty over the future of LIV’s leading players. They could either remain with the tour as it undergoes restructuring or leave and seek to recover millions of dollars they are owed through legal proceedings. “This process gives us the structure and time to pursue a landmark transaction and begin the next chapter of LIV Golf,” LIV Golf chief executive Scott O’Neil said. 

The company had already laid off most of its workforce this month as it sought to reduce costs and prepare for a potential restructuring. 

LIV 2.0 planned 

O’Neil said LIV still intends to return next year in a new form, with the revamped tour expected to be more focused on fans and players. 

The new version is expected to feature an innovative, player-first ownership model and remain part of the broader global golf ecosystem. However, LIV said no definitive decisions have been made on its 2027 schedule or individual events. LIV officials have previously indicated that a “LIV 2.0” could emerge under new investors next season, potentially with a shorter schedule and lower prize money. 

Saudi backing ends 

Saudi Arabia’s Public Investment Fund (PIF) is estimated to have spent around $5 billion backing LIV Golf before ending its financial support this year. 

LIV is also seeking recognition of its US bankruptcy filing in England and Wales to cover its international assets and operations. The survival of the revamped tour will largely depend on whether its leading players choose to remain. LIV said it remains in advanced discussions with players, including over a potential ownership structure that would align their interests with the tour’s long-term success. 

The restructuring marks a major turning point for LIV Golf, which launched in 2022 with the backing of PIF and disrupted the professional golf landscape by offering lucrative contracts and guaranteed prize money to leading players.