LIV Golf's New Chapter: Bankruptcy and Big Changes

LIV Golf, a professional men's golf league, filed for Chapter 11 bankruptcy in New Jersey. Backed by the Saudi Arabian Public Investment Fund, it seeks to restructure with a $49.6 million loan. The company plans for a strategic pivot with new backer BC Partners Advisors L.P. after April's funding shift.

The professional men's golf league, LIV Golf, has filed for Chapter 11 bankruptcy protection in New Jersey. The move comes as the company seeks to restructure its business operations with a $49.6 million loan courtesy of the Public Investment Fund of Saudi Arabia.

According to the Chapter 11 filing, LIV Golf has liabilities ranging from $500 million to $1 billion and assets estimated between $100 million and $500 million. The bankruptcy plan aims to secure the company's future with support from new financial backer BC Partners Advisors L.P.

Since its inception in 2022, the Public Investment Fund has injected over $5 billion into LIV Golf. The controversial league attracted top talent from the PGA Tour by offering substantial signing bonuses, with high-profile players like Bryson DeChambeau, Jon Rahm, and Dustin Johnson named as top creditors.