LIV Golf has entered Chapter 11 bankruptcy protection as it grapples with a funding crisis stemming from the anticipated withdrawal of financial support from Saudi Arabia's Public Investment Fund (PIF) by the end of 2026. The league has secured a restructuring support agreement with BC Partner Advisors LP, which will help facilitate its operations during the bankruptcy process.
LIV is aiming to raise up to $350 million from investors to sustain its activities and is in discussions to transition to a player-majority ownership model post-bankruptcy. PIF has committed $49.6 million in financing to support LIV through this period. CEO Scott O'Neil expressed optimism about the future, emphasizing a focus on fan engagement and innovative ownership structures.
LIV Golf, which was created as a competitor to the PGA Tour, has faced challenges in securing its long-term viability, especially after a proposed merger with the PGA Tour remains unfinalized