LIV Golf files for bankruptcy protection with over £33m in total owed to players – including Jon Rahm, Bryson DeChambeau and Co

LIV Golf has begun proceedings to file for bankruptcy protection with at least £33million ($45m) owed to players.

A Chapter 11 petition, which is intended to ‘preserve the company’s business as a going concern’, was filed in the United States on Tuesday.

The breakaway league says it has found a new investor in BC Partners following the decision in April by Saudi Arabia’s Public Investment Fund (PIF) to pull its backing.

The reorganised company is expected to be majority-owned by LIV players, with the league saying it remains in advanced discussions with them over the proposed structure.

LIV Golf’s Chapter 11 petition says the company ‌has between £370m ($500m) and £730m ($1bn) in liabilities, and between £74m ($100m) and £369m ($500m) in assets.

The documented petition also outlines outstanding money owed with the LIV Golf’s creditors with the 30 largest unsecured claims. Two-time major winner Jon Rahm tops that list with an unsecured claim of £5.5m ($7.5m).

The likes of Bryson DeChambeau (£4.2m – $5.7m), Dustin Johnson (£4.1m – $5.5m), Cameron Smith (£3.5m – $4.8m) and Tyrrell Hatton (£2.5m – $3.4m) are also among the top 30 creditors. Brooks Koepka, who quit LIV to re-join the PGA Tour in January, also has an unsecured claim of £1.25m ($1.7m).

BC Partners Credit and other potential minority investors are set to provide financing when LIV emerges from Chapter 11 and support the reorganised company, subject to court and stakeholder approval.

LIV plans to emerge from the process and begin its new era in early 2027. It is also seeking recognition of the US proceedings in England and Wales to preserve the value of its international assets and operations.

LIV Golf statement

LIV Golf chief executive Scott O’Neil said in a statement: ‘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.’