LIV Golf seeks Chapter 11 protection and a leaner future after Saudi funding ends

LIV Golf announced a Chapter 11 filing in a New Jersey court, revealing debt exceeding $500 million after the Public Investment Fund abruptly withdrew its backing following the 2026 season finale. The bankruptcy petition shows assets estimated between $100 million and $500 million and liabilities ranging from $500 million to $1 billion. A restructuring agreement with BC Partners will provide the capital needed to launch a streamlined version of the league, dubbed "LIV Golf 2.0."

Under CEO Scott O’Neil, the new format will expand the roster to 75 competitors, introduce a 54-hole cut, and organize teams by nationality, targeting strong markets in Australia, South Africa and Asia. While the revamped circuit will be a fraction of the original operation that once spent over $5 billion on player contracts, the status of marquee members such as Jon Rahm, Bryson DeChambeau, Dustin Johnson and Cameron Smith is still pending. Rahm, currently playing the Irish Open, said he remains bound by his existing contract and will see how events unfold.