LIV Golf has filed for Chapter 11 bankruptcy protection in the US as it restructures following Saudi Arabia's Public Investment Fund (PIF) withdrawing its funding, a move that frees all current players from their contracts. The breakaway league says it has secured a new investor, BC Partners, and plans to launch a majority player-owned "LIV 2.0" early next year, though it remains unclear when players could enter talks with rival tours in the meantime.

The petition was filed on Tuesday in a New Jersey federal court, where LIV had set up a subsidiary over the summer; Chapter 11 status postpones obligations to creditors while the company reorganises. PIF, which has ploughed over $5bn (£3.7bn) into LIV since its 2021 launch, is providing a $49.6m (£36.6m) bankruptcy loan to fund the process despite pulling long-term backing. Existing contracts, including those of stars such as Jon Rahm and Bryson DeChambeau, will end as a result of the filing, with creditor payments handled through the court, while chief executive Scott O'Neil expressed confidence in assembling a "critical mass" of players for the new venture.