LIV Golf files for bankruptcy protection as it looks to ‘begin the next chapter’

LIV Golf, the breakaway tour that spent billions of dollars luring top players away from the PGA and triggered bitter divisions within the sport, has filed for bankruptcy protection in the US.

The filing at a New Jersey court indicates LIV, which abruptly lost its deep-pocketed Saudi investors earlier this year, intends to restructure and return in a new form.

But documents show LIV owes between $500m and $1bn in estimated liabilities to at least 1,000 creditors, including star players like Bryson DeChambeau, Jon Rahm and Cam Smith.

The future of those popular players remains deeply unclear; they are now faced with deciding whether to remain with the tour in its new guise, or leave and attempt to pursue the millions of dollars they are owed in court.

“This process gives us the structure and time to pursue a landmark transaction and begin the next chapter of LIV Golf,” said the chief executive, Scott O’Neil, whose organisation had already laid off the majority of its staff this month.

O’Neil said LIV still intends to return in a new form next year “built around the fans, an innovative, player-first ownership model, and a part of the global golf ecosystem”. But “no definitive decisions regarding the 2027 schedule or individual events are being announced at this time,” the statement added.

Saudi Arabia’s Public Investment Fund (PIF) had spent an estimated $5bn on the tour before abruptly pulling the plug this year. LIV Golf is also seeking recognition of the US bankruptcy filing in England and Wales to cover its international assets and operations.

LIV officials have pledged that a “2.0” version of the tour will re-emerge under new investors next season, with a shorter schedule and reduced prize money. Much will depend on whether the top stars of the tour remain. Tuesday’s statement said “the company remains in advanced discussions”with players, including on “creating an ownership structure aligning players’ interests with the League’s long-term success”.

Widespread reports have linked several LIV stars with returns to the PGA Tour and other series, though the PGA said it has no plans to offer LIV players a pathway back.