LIV Golf filed for Chapter 11 bankruptcy Tuesday, five months after Saudi Arabia's Public Investment Fund announced it would pull funding. The breakaway circuit found a new investor, BC Partners, which agreed to inject $300 million into "LIV 2.0" in return for equity and stock if the company restructures.

LIV Golf owes its players at least $45.5 million. The filing lists top 30 creditors, 14 of them players, including Jon Rahm ($7.5M), Bryson De Chambeau ($5.8M), Dustin Johnson ($5.5M), Cameron Smith ($4.8M), and Brooks Koepka ($1.7M). LIV says its massive initial compensation deals "do not reflect the contemplated compensation structure" for LIV 2.0. Instead, it will offer equity and amended contracts with signing bonuses, return of certain NIL rights, and approximately 30% team ownership as recovery for allowed claims.

LIV Golf has lost $3 billion in its U.S. operation and another $2 billion in the U.K. as of Dec. 31, 2025. As of Sept. 8, it had about $15 million cash on hand but received a $49.6 million loan from the Saudi Public Investment Fund. Broadcasting rights comprised only 5% of 2025 revenue, same as merchandise. Sponsorship revenue grew from $16 million in 2023 to $102 million in 2025.

LIV cut costs by cancelling two tournaments in Michigan and New Orleans, reducing fan experience spending, and curtailing certain golfer accommodations. As of Sept. 8, it employed 41 people. LIV is requesting a judge reject contracts with vendors, broadcast talent services, travel agencies, PR services, and medical services.