LIV Golf, the controversial professional golf league launched in 2022 with billions of dollars in backing from Saudi Arabia’s Public Investment Fund (PIF), has filed for Chapter 11 bankruptcy protection in New Jersey, marking a dramatic turning point for the organization and professional golf. The filing comes less than five years after LIV began challenging the established PGA Tour.
According to court documents reported by Reuters and The Associated Press, LIV listed assets between $100 million and $500 million and liabilities ranging from $500 million to $1 billion. The bankruptcy filing does not necessarily mean the league is ending immediately. Chapter 11 allows a company to reorganize its finances while continuing operations under court supervision.
The financial crisis follows the decision by Saudi Arabia’s PIF to end its direct financial support of LIV after the 2026 season. PIF had reportedly invested more than $5 billion in the league since its launch, funding player contracts, tournament purses, operating expenses and the development of LIV’s team-based model.
LIV’s business model attracted some of the biggest names in golf, including Jon Rahm, Bryson DeChambeau, Dustin Johnson, Brooks Koepka and Phil Mickelson. However, the league accumulated substantial operating losses. Forbes reported earlier this year that LIV had lost approximately $1.4 billion during its first three and a half years, including a reported $590.1 million loss by its U.K. operation in 2024.
The bankruptcy filing also reveals that several prominent players are creditors. Reuters reported that Rahm is owed approximately $7.5 million, while DeChambeau is owed about $5.7 million and Johnson approximately $5.5 million. Fourteen LIV golfers reportedly rank among the league’s largest creditors.
Despite the bankruptcy, LIV leadership says the organization intends to continue in a significantly restructured form. CEO Scott O’Neil has outlined plans for what has been described as “LIV Golf 2.0,” with a smaller operation, reduced costs and a greater emphasis on sustainability. Private-equity firm BC Partners is involved in the restructuring effort as LIV searches for new financial backing.
The collapse of LIV’s original financial model could also reshape professional golf. Since its creation, LIV has fundamentally altered the economics of the sport by offering enormous contracts and guaranteed compensation to attract elite players. Its bankruptcy now raises questions about player contracts, team ownership, future tournaments and the possibility of further consolidation within professional golf.
For LIV Golf, the next challenge is clear: emerge from Chapter 11 with a business model capable of surviving without the seemingly unlimited Saudi funding that powered its first four years.
