LIV Golf files for US bankruptcy protection but reveals 2027 plans as players face uncertain future

LIV Golf has filed for bankruptcy protection in the United States but still intends to launch a new version of the league from next year.

On Tuesday the golf league announced it had entered into bankruptcy protection in an attempt to restructure after Saudi Arabia withdrew its financial backing.

LIV Golf cut around 90 per cent of its staff after the conclusion of the season, as negotiations continued over its long-term future, with BC Partners later named as the proposed new investors.

LIV Golf says a Chapter 11 petition has been filed to "preserve the company's business as a going concern through an innovative player-first ownership model".

In the statement on Tuesday, LIV Golf said the league is expected to be majority-owned by its players, with whom it "remains in advanced discussions".

LIV Golf chief executive Scott O'Neil said: "The people of LIV Golf, led by the players, have continued to show incredible resilience, commitment, and a shared belief in what we are building. Thanks to their tireless work, LIV Golf has created a foundation to entertain and inspire the next generation of global golf fans around the world.

"This process gives us the structure and time to pursue a landmark transaction and begin the next chapter of LIV Golf - one built around the fans, an innovative, player-first ownership model, and a part of the global golf ecosystem. We are excited about what lies ahead and yet, there is still much to accomplish in the months ahead.

"We believe deeply in LIV Golf's future, the opportunity in front of us, and the people who will help us realise it. We are grateful to our players, the incredible team at LIV Golf, our board, BC Partners, and our partners all over the world standing tall with us.

"We thank them for their belief in our next chapter. A special thank you to Ducera Partners who drove this investment process. We will not rest until we deliver on LIV Golf's full potential."

LIV Golf's Chapter 11 petition says the company ‌has between $500m (£370m) and $1bn (£730m) in liabilities, and between $100m (£74m) and $500m in assets.

The filing, made in the Bankruptcy Court for the District of New Jersey, shows multiple LIV players as unsecured creditors, with at least $45m (£33m) still owed to players.

LIV said in its announcement that the PIF will provide an additional $49.6m (£36.6m) in financing, subject to court approval, while Jon Rahm and Bryson DeChambeau were listed as the highest unsecured creditors on the bankruptcy document.

LIV Golf's announcement came just hours after Rahm told reporters he still had a contract that he was "more than willing to fulfil", with the Spaniard still reportedly having more than $100m remaining on the multi-year contract signed at the end of 2023.