From Golf Digest:

LIV Golf announced a proposed restructuring agreement that could transfer majority ownership of the league to its players.
The filing, showed that several of LIV’s biggest names—including Jon Rahm, Bryson DeChambeau, Dustin Johnson and Cameron Smith—are owed millions of dollars. LIV also hopes the proceedings will extend U.S. bankruptcy protections to its international assets.

Under the proposed restructuring, London-based private-equity firm BC Partners would finance an attempted return in 2027 through what LIV described as a “recapitalization transaction.” The plan requires court approval. 

Questions remain about the nature of the firm’s commitment, including whether the financing is structured as a loan, dependent upon additional investors or contingent upon a number of players remaining with the league.

“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,” LIV CEO Scott O’Neil said in a press release. “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 realize 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, and we thank them for their belief in our next chapter.”

The restructuring would likely release LIV players from their existing contracts, allowing them to pursue opportunities elsewhere. Golf Digest reported earlier this year that agents representing several LIV players had contacted the PGA Tour and DP World Tour to explore possible paths back.

The bankruptcy filing had been expected for months after Saudi Arabia’s Public Investment Fund withdrew its financial support from the five-year-old league. It comes a little more than a week after LIV terminated most of its remaining staff. LIV concluded its 2026 season in Indianapolis in late August, one week earlier than scheduled after canceling its planned finale in Michigan. The shortened finish followed months of questions about the league’s finances and future.

PIF has agreed to provide nearly $50 million in debtor-in-possession financing, which would allow LIV to continue operating during the proceedings. BC Partners and other prospective investors are expected to provide financing once the league emerges from Chapter 11.

PIF announced in April that it would stop funding LIV as part of a broader shift toward domestic projects and away from global investments that had failed to produce sufficient returns. The economic effects of the regional war with Iran also placed greater pressure on the sovereign wealth fund’s holdings. The sportswashing experiment cost an estimated $5 billion to $8 billion from its 2021 launch through this year. Yasir Al-Rumayyan—PIF’s governor, LIV’s architect and the chairman of its board—resigned after the funding was withdrawn.

LIV’s financial troubles have extended beyond its players. Several contractors say they have not been paid for their work, while the league also faces a lawsuit from the Premier Golf League alleging breach of confidence and conspiracy by unlawful means.