LIV Golf is racing to sign players for its new LIV 2.0 league as part of a bankruptcy rescue plan, according to lawyers in a US court. The league filed for Chapter 11 bankruptcy on Tuesday in New Jersey, listing several golfers among its largest unsecured creditors. Lawyer Matthew Williams of Gibson Dunn told the court that player response has been enthusiastic, but added, "we are not there yet and we may not get there."

LIV has secured a $50mn bankruptcy loan from Saudi Arabia’s Public Investment Fund and a term sheet with BC Partners to lead a $300mn investment in LIV 2.0. The deal requires finalization by early October or the restructuring will shift to a wind-down. Players would swap claims for equity in the new league, which would be majority-owned by players, and gain rights to pursue personal name, image, and likeness endorsements.

The financial troubles are severe: LIV had just $15mn in cash at filing, having burned through $5bn in equity from PIF since 2021 and another $500mn from a secured loan. In 2025, revenue was just over $200mn, with half from sponsorships and only 5 per cent from TV deals, while player prize money far exceeded that.

Judge Michael Kaplan noted the spectacle of star athletes in bankruptcy proceedings, quipping, "You could sell tickets to the formation of this committee." An official creditors committee is expected to be approved later this month.