LIV Golf files for Chapter 11 bankruptcy protection
As part of the proposed bankruptcy deal, the upstart golf venture is expected to be majority owned by its players.
TL;DR
- LIV Golf has filed for Chapter 11 bankruptcy protection.
- The league has a restructuring support agreement with BC Partner Advisors LP.
- Saudi Arabia's Public Investment Fund (PIF) was the initial backer and is set to pull funding at the end of 2026.
- LIV Golf is seeking to raise up to $350 million from stakeholders.
- As part of the bankruptcy deal, LIV Golf is expected to be majority owned by its players.
- PIF will provide $49.6 million in bankruptcy financing.
- BC Partners Credit and other minority stakeholders are expected to provide financing after exiting bankruptcy.
- LIV Golf was positioned as a rival to the PGA Tour and had agreed to a merger that has not yet materialized.