LIV Golf has filed for Chapter 11 bankruptcy protection, the league announced Tuesday, as it confronts a funding cliff from its original Saudi backer and hunts for new capital to sustain operations.
The upstart circuit, initially financed by Saudi Arabia’s Public Investment Fund (PIF), said it reached a restructuring support agreement with BC Partner Advisors LP, the credit arm of private equity firm BC Partners. Under that deal, LIV agreed to seek Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey.
CNBC previously reported that PIF was set to pull its funding at the end of the 2026 season. Earlier this year, LIV kicked off an investor roadshow to raise up to $350 million from stakeholders to finance its operations, according to the league’s announcement.
Player-owned future in sight
As part of the proposed bankruptcy plan — which still requires court approval — LIV expects to become majority owned by its players. The league said it remains in advanced talks with its players about that structure.
PIF has agreed to provide $49.6 million in bankruptcy financing to keep LIV running during the proceedings, the league said. Once LIV emerges from bankruptcy, BC Partners Credit and other minority stakeholders are expected to step in with 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 in Tuesday’s release. “We are excited about what lies ahead and yet, there is still much to accomplish in the months ahead.”
A season of uncertainty
The filing follows months of speculation about PIF’s commitment to the league. In June, amid reports that PIF funding could end sooner than previously expected, O’Neil told CNBC that the organization had to trust the sovereign wealth fund would continue backing it through the end of the season.
LIV Golf was launched as a rival to the PGA Tour, luring big-name players with lucrative contracts. By 2023, the league had agreed to merge with the PGA Tour, though that deal has yet to close.
The bankruptcy filing marks a dramatic shift for a venture once seen as a deep-pocketed disruptor, and the coming months will test whether its player-ownership model can attract the investment needed to survive beyond the current season.
Source: www.cnbc.com — https://www.cnbc.com/2026/09/08/liv-golf-chapter-11-bankruptcy.html
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