EmailPrintOpen Extended ReactionsLIV Golf filed for bankruptcy Tuesday, five months after Saudi Arabia's Public Investment Fund announced it would pull its funding of the breakaway circuit that upended the sport.LIV Golf has found a new investor, BC Partners, who agreed to inject $300 million into the next iteration of the circuit -- what it's calling LIV 2.0 -- in return for equity and stock, and if the company restructures under Chapter 11 bankruptcy.Here are some of the takeaways in the company's bankruptcy filings:LIV Golf owes its players at least $45.5 million. The filing only lists its top 30 creditors, 14 of which are players, including:Jon Rahm, $7.5 million; Bryson DeChambeau, $5.8 million; Dustin Johnson, $5.5 million; Cameron Smith, $4.8 million; Adrian Meronk, $4.4 million; Tyrrell Hatton, $3.4 million; Bubba Watson, $3.3 million; Abraham Ancer, $2.7 million; Byeong Hun An, $1.8 million; Brooks Koepka, $1.7 million; Caleb Surratt, $1.3 million; Joaqun Niemann, $1.3 million; Lucas Herbert, $1 million; Thomas McKibbin, $973,000LIV Golf currently has 57 golfers on its roster, and it's unclear if and how much the other 43 players are owed.LIV Golf says the massive compensation deals it initially offered players to lure them away from the PGA Tour "do not reflect the contemplated compensation structure" for LIV 2.0. Instead, LIV Golf will attempt to offer equity and amended player contracts that include signing bonuses, the "return of certain NIL rights" and approximately 30% ownership in teams "as recovery for their allowed claims in the Chapter 11 cases."According to the terms of the deal with BC Partners, a "requisite" number of players must agree to the restructuring deal within 35 days of the filing date (Sept. 8).LIV Golf has lost $3 billion in its U.S. operation and another $2 billion in the U.K. as of Dec. 31, 2025. "The path to profitability was always a long-term strategy," the company stated in its filings. "It continually ran at an operational loss, and was still years away from projected stand-alone profitability."As of Sept. 8, LIV Golf had about $15 million in cash on hand, but received a $49.6 million loan from the Saudi Public Investment Fund to help the league continue operating while it goes through bankruptcy.Broadcasting rights comprised only 5% of LIV Golf's 2025 revenue, the same percentage as merchandise sales, according to the filing.LIV Golf operates two segments: its league and its teams. The league "is the primary revenue driver" and operates all tour events, according to the filings, while teams operate "effectively as franchises" and generated 20% of LIV Golf's revenue in 2025, primarily through team sponsorship deals.Players partially owned all but two of LIV Golf's teams, with one or more players holding as much as 40% of a team's common equity. But as recently as Tuesday, the teams were "consolidated through mergers" that "canceled" the players' equity stakes.Sponsorship revenue grew from $16 million in 2023 to $102 million in 2025. LIV Golf says it has secured approximately $300 million in long-term sponsorship contracts from 2027 through 2029.LIV Golf undertook a number of cost-cutting measures in an attempt to save money, including cancelling two tournaments in Michigan and New Orleans, reducing "spending on fan experience initiatives" and curtailing "certain non-critical accommodations that had previously been made available to golfers participating in the league." The company also cut staff; as of Sept. 8, the company employed 41 people.LIV Golf is requesting that a judge reject contracts it signed with a number of companies, including vendors, broadcast talent services, travel agencies, public relations services, medical services and "influencer services," as well as the lease for its 10,000-square foot office space in West Palm Beach. It's also asking the judge to reject separation agreements it made with former players. By rejecting these contracts, LIV Golf says it will be able to "shed the related financial burdens."LIV Golf has been sued by a number of creditors and owes at least $12 million to its vendors.Host cities paid more than $34 million in 2025 to LIV Golf for the rights to host tournaments.LIV Golf owes $18.5 million in income, withholding, sales and other taxes and fees to 10 countries and the U.S. Internal Revenue Service, as well as 29 states and New York City. It's also currently being audited by tax authorities in Singapore and South Korea.LIV Golf has set a target date to emerge from bankruptcy and complete its reorganization by January 2027.
