LIV Golf declaring bankruptcy weeks after mass layoffs with future still in doubt

16:54 ET, Tue, Sep 8, 2026 Updated: 17:49 ET, Tue, Sep 8, 2026

LIV Golf is declaring bankruptcy (Image: Getty)

LIV Golf is declaring Chapter 11 bankruptcy, the league announced Tuesday.

The embattled league released a statement announcing that it has entered a restructuring support agreement, with the intent of transforming LIV into one that is expected to be "majority owned by players." The PGA Tour's rival reportedly found a new investor in BC Partners.

The decision comes weeks after the finale of the 2026 season, which saw a "majority" of those working for the league lose their jobs as the circuit attempts to save itself following the Saudi Arabian Public Investment Fund (PIF) 's withdrawal of funding from the breakaway league earlier this year.

“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," LIV Golf CEO Scott O'Neil's statement began. "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.

The next chapter of what has been a tumultuous year for LIV Golf seemingly has been revealed (Image: Getty)

"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.

"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.” The transaction still requires approval, with LIV also "seeking recognition of the U.S. Chapter 11 proceedings in England and Wales to preserve the value of its international assets and operations."

It has been reported that players have no obligation to sign onto the next iteration of LIV, which is set to debut in 2027. What's more, those who have current contracts with LIV will see said contracts end because of the court filing, with the final amounts owed to players and other creditors determined through the court process.

Notably, Jon Rahm and Bryson DeChambeau are named the top two unsecured creditors, according to The Financial Times. It is stated that LIV owes Rahm $7.4 million and DeChambeau $5.7 million.

The circuit also is reported to owe Dustin Johnson, Cameron Smith, and Tyrrell Hatton $5.4, $4.8, and $3.3 million, respectively. In a letter to fans, O'Neil shared that other sporting ventures, such as the Los Angeles Dodgers and Leeds United, have gone bankrupt in the past and conveyed a message of hope.

"I have often said that our role in golf should be to complete, not compete," his letter read in part. "I believe that more strongly today than ever. I know that the next phase of LIV Golf will be an important part of a healthier global golf ecosystem.

"It will create more opportunity for players, bring elite golf to more parts of the world, and give teams and players a real stake in the future they are building. Transitions are rarely easy, but they are powerful when you know where you are going. And we do."