High-Profile Sports League LIV Golf Files for Chapter 11 as Major Ownership Overhaul Begins

LIV Golf Incorporated has voluntarily commenced Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of New Jersey. The decision is a part of its planned restructuring, which involves giving majority shares to players associated with the golf league organization. A Saudi Arabia-based firm has agreed to provide funding for the company to continue operations as a debtor-in-possession.

Note: Chapter 11 allows businesses to reorganize their debts while continuing operations under court supervision. A Chapter 11 filing does not necessarily mean a business is closing or going out of business. For additional information, readers are encouraged to contact the business directly.

Overview of the Filing

PACER records show that the company submitted its petition on September 8, 2026, as part of a broader restructuring involving LIV Golf Incorporated and its affiliates.

According to an official press release, the entities have entered into a Restructuring Support Agreement (RSA) with BC Partners Advisors L.P., which is BC Partners’ credit business. The agreement is focused on a proposed recapitalization transaction.

The golf league organization aims to carry out this transaction and maintain operations under a new player-first ownership model.

Company Seeks to Continue Operations

The filing allows the company to continue operating while it reorganizes its finances through Chapter 11. Under the proposed transaction, the reorganized company is expected to be majority owned by LIV Golf players. Discussions about the ownership structure are still ongoing.

The proposed player-first structure is expected to give players a direct ownership stake in the league and align their interests with the company’s continued growth.

The company aims to complete the restructuring and emerge from Chapter 11 in early 2027, following court and stakeholder approvals.

LIV Golf CEO Scott O’Neil said the league’s players and employees remain committed to building its global platform. He said the restructuring would provide time to pursue the proposed transaction and transition to a player-first ownership model.

Gene Davis, Chairman of LIV Golf’s Board Special Committee, said the league’s players, employees, and business partners have been instrumental in its growth. He added that the board evaluated different options and believes the restructuring is in the best interests of LIV Golf and its stakeholders.

PIF Agrees to Provide $49.6M in Financing

The press release states that the Public Investment Fund of Saudi Arabia has agreed to provide $49.6 million in debtor-in-possession financing. Once the court approves, this funding will be offered under the proposed DIP credit agreement.

After the company emerges from the proceedings, BC Partners Credit and other potential minority investors are expected to provide exit financing. They are also expected to serve as the plan sponsor and offer capital for the reorganized company, subject to court approval.

The company is also seeking recognition of its U.S. Chapter 11 proceedings in England and Wales to protect its business operations and international assets.

Highlights from the Petition

Court records show that LIV Golf Incorporated has listed more than 1,000 creditors in its petition. Out of these, creditors with the largest unsecured claims have been placed in a separate list. Some unsecured creditors are players, including Jon Rahm, Dustin Johnson, Adrian Meronk, and others.

The list also includes IMG Media Ltd., MDLBEAST Company, Rick Shiels Media Limited, UNHCR, and more firms.

The records show that the company has appointed Gibson, Dunn & Crutcher LLP as the lead legal counsel and Cole Schotz P.C. as the co-legal counsel. David Orlofsky of AlixPartners, LLP, is the Chief Restructuring Officer, C Street Advisory Group is the strategic communications advisor, and Ducera Partners is the investment banker.

Paul, Weiss, Rifkind, Wharton & Garrison LLP and Rimon, P.C. are the co-legal counsel for BC Partners Credit.

A summary of the Chapter 11 petition of LIV Incorporated is shared here:

Filing Date: September 8, 2026
Court and Jurisdiction: U.S. Bankruptcy Court for the District of New Jersey
Type of Filing: Active, Voluntary Petition
Chapter: 11
Case Number: 26-20190-MBK
Estimated Assets: Between $100,000,001 and $500 million
Estimated Liabilities: Between $500,000,001 and $1 billion
Estimated Creditors: Between 1,000 and 5,000

All the entities that made their separate Chapter 11 filings are listed here:

About the Company

LIV Golf serves as a global professional golf league, combining golf competitions with other events and entertainment. In its 2026 season, the league featured 57 players from 21 countries across events held in 10 countries and five continents.

The league’s broadcasts reach nearly one billion households in 250-plus international markets and territories. Since its launch, its events have generated over $1.5 billion for the local economies.

The Chapter 11 filing allows LIV Golf and the other entities involved in the restructuring to pursue the proposed recapitalization while continuing through the bankruptcy process.

Overview of the Filing

Company Seeks to Continue Operations

PIF Agrees to Provide $49.6M in Financing

Highlights from the Petition

About the Company

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