LIV Golf files for bankruptcy after Saudi fund pulls support, leaving players owed millions in unpaid money

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LIV Golf, the Saudi-backed breakaway circuit that upended professional golf five years ago, has filed for Chapter 11 bankruptcy protection in a New Jersey court, effectively suspending its existing business model. The move came shortly after the league brought its 2026 season to a premature close following an event in Indianapolis, once it became clear that its principal financial backer was no longer willing to keep underwriting its losses.

The central cause of the collapse was the withdrawal of support from Saudi Arabia's Public Investment Fund (PIF), which had bankrolled LIV since its launch. One account puts PIF's total outlay at around $5 billion (a further report suggests the wider spending across LIV's history, including prize money, signing fees and operations, may have reached as much as $8 billion), with funding halted earlier this year as the fund redirected resources towards domestic priorities and, according to one report, contended with financial strain linked to regional tensions with Iran. PIF's governor, Yasir Al-Rumayyan, has since stepped down from LIV's board, and the fund has provided a further $50 million in emergency financing to keep the league operating through the bankruptcy process, according to one report.

The bankruptcy filings lay bare the scale of LIV's unpaid obligations. Reports differ on the precise figures, with one citing total estimated liabilities of between $500 million and $1 billion owed to more than 1,000 creditors, while another simply confirms that millions in compensation remain outstanding. Among those owed money are some of the league's most prominent signings, including Jon Rahm, Bryson DeChambeau, Cam Smith and, according to one account, Dustin Johnson. The organisation has already let go of most of its operational staff, left event contractors unpaid, and is separately contending with a lawsuit from the rival Premier Golf League alleging breach of confidence and conspiracy. One report also notes that LIV is seeking recognition of the US proceedings in England and Wales to bring its international assets and operations under the same protection.

LIV's survival now hinges on a proposed restructuring, informally dubbed 'LIV 2.0', intended to relaunch the tour in 2027 under new ownership. One report describes a specific proposal in which London-based private equity firm BC Partners, which has links to the players' agency GSE Worldwide, would finance the reboot, handing players majority ownership and introducing a format far closer to conventional golf: 75-player fields, 72-hole strokeplay events, cuts, Monday qualifying and a national-team element, alongside the expectation that existing player contracts will be voided during the Chapter 11 process. The other report is more cautious, quoting chief executive Scott O'Neil as saying the league remains in 'advanced discussions' with players over a 'player-first' ownership model but stressing that no firm decisions on the 2027 calendar or events have yet been made; it also notes a shorter schedule and reduced prize money are envisaged, and that while some LIV players have been linked with a return to the PGA Tour, the PGA has said it currently has no plans to offer them a route back.

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