LIV Golf, the Saudi-backed tour that spent billions of dollars to recruit some of professional golf’s biggest stars and challenge the dominance of the PGA Tour, has filed for Chapter 11 bankruptcy protection.
However, the league is not presenting bankruptcy as the end of the tour.
Instead, it is seeking to rebuild itself and reshape professional golf under a new ownership model.
According to LIV Golf chief executive officer Scott O’Neil, the initiative aims to introduce LIV’s “new era” in early 2027.
He said the filing will give them the structure and time to begin the “next chapter of LIV Golf,” introducing the league as an “innovative, player-first ownership model.”
From Saudi billions to bankruptcy
Since its launch in 2022, Saudi Arabia’s Public Investment Fund (PIF) has been funding LIV, which helped the tour recruit some of golf’s biggest names, including Jon Rahm, Bryson DeChambeau, Dustin Johnson, Cameron Smith, Brooks Koepka, and Phil Mickelson.
Four years after the strong backing of the PIF, the fund announced earlier this year that it would no longer fund the breakaway circuit. In addition, PIF Governor Yasif Al-Rumayyan also stepped down as LIV chairman after the funding was withdrawn.
The situation has prompted LIV to cut its workforce, cancel its events, and reduce spending.
Records show LIV now estimates its assets at between USD100 million and USD500 million, compared with liabilities of between USD500 million and USD1 billion.
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LIV’s biggest stars among biggest creditors
The filing on Tuesday also revealed the financial obligations LIV owes to its players.
Jon Rahm reportedly has an unsecured claim amounting USD7.5 million, the largest among golfers.
Bryson DeChambeau is owed USD5.7 million, Dustin Johnson about USD5.5 million, while Cameron Smith is owed USD4.8 million.
Tyrrell Hatton is listed at about $3.4 million, while Brooks Koepka is owed approximately $1.7 million.
The figures represent past-due payments and do not capture the full value of future contractual obligations.
With the current situation of LIV, and as it is set to return next year, one question lingers among fans: Will the stars remain committed to LIV’s next version?
Reports said Rahm has been noncommittal about his future, saying that there are many possibilities and that “time’s gonna tell.”
Who will help LIV to survive?
With the PIF leaving LIV, who will help the league survive as it sets out to introduce its new form?
While the Saudi sovereign wealth fund announced that it is no longer providing financial backing for LIV, it agreed to provide USD49.6 million in financing to help the league navigate bankruptcy and restructuring, subject to court approval.
The funding is intended to keep LIV operating while it seeks a longer-term solution.
Meanwhile, LIV has entered into a restructuring support agreement with BC Partners Advisors.
Along with other potential minority investors, BC Partners Credit is expected to provide financing that would help the league emerge from bankruptcy.
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What changes in the new model?
As LIV Golf prepares for a major restructure in 2027, the launch of “LIV 2.0” will mark a new chapter for the league, with a focus on improving competition, growing its global reach, and building a stronger future.
O’Neil said the new model is expected to be majority owned by players.
LIV has also outlined a leaner competition model for its planned 2027 return.
Under the new model, the league will expand its fields to 75 players and introduce a cut.
It will also create additional pathways for golfers to enter LIV, including Monday qualifying.
New horizons ahead
The new model plans to host tournaments in various countries, including Australia, South Africa, Mexico, England, Hong Kong, and the United States.
The emphasis on team competition and younger fans would remain, including live music and an effort to build national identities into the competition in a World Cup-style format.
But LIV has not finalized its 2027 schedule or individual events.
“The next phase of LIV Golf will be built around a sustainable business model and deeper alignment between players and the League, with team golf at its core,” O’Neil said in the letter.
“Players will have the opportunity to share directly in the value they help create, while teams will be positioned to grow into enduring global sports businesses. And fans will remain at the center of everything we do,” he added.
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