Jon Rahm of Region XIII prepares to make a putt on the 12th green during the fourth day of LIV Golf Indianapolis held at the Club of Chatham Hills on August 23, 2026 in Westfield, Indiana.
Michael Miller | ISI Photo | Getty Images
LIV Golf has filed for bankruptcy protection as the upstart golf league faces a Saudi funding cliff and seeks new investment.
The golf venture, which was initially backed by Saudi Arabia’s Public Investment Fund (PIF), announced on Tuesday that it had signed a turnaround support agreement with BC Partners Advisors LP, the credit arm of private equity firm BC Partners. As part of the agreement, LIV agreed to seek Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey.
CNBC previously reported that PIF plans to withdraw funds from LIV at the end of the 2026 schedule. Earlier this year, LIV launched an investor roadshow to raise up to $350 million from interested parties to fund its operations.
LIV is expected to become majority-owned by its investors as part of a proposed bankruptcy process that requires court approval. LIV continues to hold detailed negotiations with the players, it said in a news release on Tuesday.
PIF agreed to provide $49.6 million in bankruptcy financing to keep LIV afloat during the proceedings. Once the company emerges from bankruptcy protection, BC Partners Credit and other minority shareholders are expected to provide financing.
“This process has given us the structure and time to pursue a landmark transaction and begin the next chapter for LIV Golf – a chapter built around our fans, an innovative, player-first ownership model and being part of the global golf ecosystem,” CEO Scott O’Neal said in a release Tuesday. “We are excited about what lies ahead, but there is still much to accomplish in the coming months.”
In June, amid reports that PIF funding could end sooner than previously expected, O’Neill told CNBC he needed to trust the sovereign wealth fund to continue supporting the business until the end of the season.
LIV was positioned as a rival to the PGA Tour and attracted big-name athletes, thanks in part to high salaries. The league agreed to merge with the PGA Tour by 2023, but no deal has been reached yet.
