LIV Golf Files for Chapter 11, Players Free to Leave

In a desperate bid to stay afloat, LIV Golf has filed for bankruptcy protection after Saudi Arabia’s public investment fund pulled its multibillion‑dollar backing. The Chapter 11 petition was lodged in the United States on Tuesday, offering all players the right to leave the league.

Speaking from its New Jersey court‑filing, LIV Golf CEO Scott O’Neil insisted the reorganisation “will preserve the company’s business” and allow talks with players about a new, player‑owned model that launches early next year.

The filing ends all previous LIV 1.0 players’ contracts, freeing them to seek opportunities elsewhere. No obligations remain for players to sign onto the restructured LIV 2.0, even if they previously committed to multi‑year deals.

In the meantime, the Public Investment Fund is providing a $49.6 million debtor‑in‑possession loan to facilitate the process. Though Saudi Arabia has withdrawn its funding, it said it remains “committed” to future sports investments.

BC Partners has stepped in as a prospective new investor, promising a sustainable business model with lower prize money than the PGA Tour but higher than the DP World Tour. The new format will offer players equity stakes and retroactive commercial rights to enhance earnings.

Players will see a field of 75, with a cut, qualifiers, and new teams that highlight national identities. The league aims to grow into enduring global sports enterprises.