Under the proposal, London-based private equity firm BC Partners would finance an attempted 2027 return through what LIV described as a ‘recapitalisation transaction’. The plan remains subject to court approval.

Questions remain over the structure of BC Partners’ commitment, including whether its financing is dependent on additional investors or players remaining with LIV. BC Partners also has links to GSE Worldwide, which represents a significant number of LIV players.

LIV 2.0 – player-first ownership model

LIV Golf CEO Scott O’Neil said the process would provide the organisation with “the structure and time to pursue a landmark transaction” and begin a new chapter based around fans and a “player-first ownership model”.

He added: “This process gives us the structure and time to pursue a landmark transaction and begin the next chapter of LIV Golf. We are excited about the future, yet there is still much to accomplish in the months ahead.”

The bankruptcy filing follows Saudi Arabia’s Public Investment Fund’s decision in April to withdraw its financial support from the five-year-old league. As part of the restructuring process, PIF has agreed to provide almost $50 million in financing, allowing LIV to continue operating while the proceedings take place. BC Partners and other prospective investors are expected to provide further financing should LIV successfully emerge from bankruptcy protection.

Jon Rahm, who is teeing it up in the Irish Open this week, has remained tight-lipped about his future competitive plans (Photo by LIV Golf)

The court filing stated that LIV has between $500m and $1bn in liabilities and between $100m and $500m in assets. Among the creditors listed in the filing are nine LIV Golf players, including Jon Rahm and Bryson DeChambeau, who are owed outstanding payments of $7.4m and $5.7m respectively. Rahm is also understood to be owed a nine-figure portion of the $300m signing-on fee that was agreed when he first joined the league. The breaking of those contractual agreements means those players will be free to leave LIV Golf if they choose.

Stars keep their cards close

Neither Rahm nor DeChambeau has made any official announcements about their future plans, with Rahm, who is playing in this week’s Irish Open on the DP World Tour, refusing to be drawn on his intentions under intense questioning from the media on Tuesday, responding with a vague “time will tell” and “we’ll what happens”.

DeChambeau has previously stated that he remains committed to the LIV Golf project, but has so far not made any comment following news of the bankruptcy protection filing.

LIV laid off most of its remaining staff at the end of last month following the conclusion to its 2026 season in Indianapolis at the end of August, a week earlier than originally scheduled following the cancellation of its planned finale in Michigan.