LIV Golf filed for Chapter 11 bankruptcy protection in New Jersey, putting its current business model on hold after five years of operations. The filing follows the early conclusion of its 2026 season in Indianapolis after its primary financial backer withdrew support.

Saudi Arabia’s Public Investment Fund (PIF) halted funding in April to redirect money toward domestic projects and manage financial pressures from the regional war with Iran. Following the decision, PIF governor Yasir Al-Rumayyan resigned from LIV’s board.

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Between 2021 and 2026, LIV spent an estimated $5 billion to $8 billion. Bankruptcy filings show the league owes millions of dollars in unpaid compensation to top players, including Jon Rahm, Bryson DeChambeau, Dustin Johnson and Cam Smith.

The organization has laid off most of its operational staff, left event contractors waiting for payment and faces a lawsuit from the Premier Golf League alleging breach of confidence and conspiracy.

The LIV Golf logo is near the first tee during the second round of the LIV Golf Dallas golf tournament at Maridoe Golf Club in Carrollton, Texas, on June 28, 2025. (Raymond Carlin III-Imagn Images)

LIV Golf could be completely out of funding. (Photo by Ben Hsu/Icon Sportswire via Getty Images)

PIF provided $50 million to help LIV pay its bills and continue operating during the bankruptcy case. The league’s future depends on a proposed restructuring plan called “LIV 2.0.”

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Under the proposal, London-based private equity firm BC Partners, which has financial ties to player agency GSE Worldwide, would fund a 2027 relaunch. The plan would also give the players majority ownership of the league.

LIV CEO Scott O’Neil outlined a new format for the proposed reboot, including 75-player fields, 72-hole tournaments, cuts, Monday qualifiers and a national team structure.

The format closely resembles the traditional tour model that LIV originally sought to replace.

Chapter 11 proceedings are expected to void existing player contracts.

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The league that entered professional golf with billions of dollars is now trying to survive bankruptcy, unpaid obligations and an uncertain future.

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