LIV Golf files for Chapter 11 bankruptcy in New Jersey with over US$500 million in debt LIV Golf filed for Chapter 11 bankruptcy protection in New Jersey, listing more than US$500 million in debt after Saudi Arabia's Public Investment Fund ended its support. The league plans to restructure with BC Partners capital and launch a smaller LIV Golf 2.0 as early as 2027. LIV Golf filed for Chapter 11 bankruptcy protection Tuesday in New Jersey, listing more than US$500 million in debt as it tries to rebuild without the Saudi funding that previously bankrolled the league. The filing had been widely expected after the Public Investment Fund of Saudi Arabia abruptly ended its financial support. The 2026 season finished last month with the LIV Golf Indianapolis event in Westfield, Indiana. LIV said it has agreed to a restructuring plan with BC Partners as the primary source of its capital. The PIF has agreed to provide US$49.6 million in debtor-in-possession financing subject to court approval.BC Partners L.P. and other potential minority investors would provide exit financing. LIV intends to emerge from bankruptcy and start its new version as early as 2027.'This process gives us the structure and time to pursue a landmark transaction and begin the next chapter of LIV Golf,' CEO Scott O'Neil said in a news release. O'Neil's letter to fans added: 'Now it is time to enter the next phase of LIV Golf.' In the same letter, he said: 'Today, we took an important step forward to get there. LIV Golf has entered a court-supervised restructuring process that provides us with the time and framework to address previous financial obligations and complete a transaction that will make the League's next phase a reality.' 'Put simply, this process is designed to build a stronger and more sustainable future for LIV Golf,' he wrote. Chapter 11 is commonly known as reorganization bankruptcy and generally allows the debtor to keep operating and borrow new money under court approval. LIV listed estimated assets of US$100 million to US$500 million and liabilities of US$500 million to US$1 billion. Among the top 30 creditors in the filing, 14 were players.Jon Rahm, Bryson DeChambeau, Dustin Johnson and Cameron Smith were listed as the four leading creditors. Rahm's listed unsecured claim was nearly US$7.5 million, though the filing does not show the full amount owed. The state of Louisiana is listed among the largest creditors at US$1,220,000. Four vendors already have filed lawsuits because they have not been paid.LIV postponed its event in Louisiana shortly after PIF announced it was ending support, and the Michigan event was canceled, with the team championship merged into the final event in Indiana. O'Neil has described 'LIV Golf 2.0' as a reduced-schedule league with players as majority owners. The new look would expand the field from 57 to 75 players and introduce a 54-hole cut for the first time. There would also be Monday qualifiers.The team concept would be built around nationalities, and LIV would continue to pursue markets in Australia, South Africa and Asia. The new version would still be a shell of what LIV was when it launched in June 2022. The league paid nine-figure signing bonuses to lure top players from the PGA Tour, and excessive spending topped more than US$5 billion before PIF said in April it was pulling the plug.The biggest unresolved question is the future of LIV's top stars, most notably Rahm and DeChambeau. Rahm is playing the Irish Open this week and told BBC Northern Ireland: 'I still have a contract with LIV 1.0 that I'm more than willing to fulfill. Like I said, time will tell.' The PGA Tour has banned players for one year from their most recent LIV Golf appearance. Brooks Koepka was the first LIV player to return under that penalty, paying US$5 million to charity, giving up equity grants for five years and forgoing bonus money in the year he returned. PGA Tour CEO Brian Rolapp offered the same deal to Rahm, DeChambeau and Smith with a tight deadline, but none accepted.Three months later, as the U.S.-Iran war took root, PIF pulled its funding and sent LIV into a spiral. Rolapp has not been inclined to discuss paths back while players remain under contract. O'Neil has said LIV's intention was to 'complete, not compete,' a phrase that rankled more stable tours because of the disruption LIV created under former CEO Greg Norman.Norman believed players should be able to compete on any tour while being required to play a full LIV schedule.