LIV Golf, the Saudi-backed upstart golf league, has filed for Chapter 11 bankruptcy protection amid financial struggles linked to a funding cliff. Initially supported by Saudi Arabia’s Public Investment Fund (PIF), LIV is now working on a restructuring agreement with BC Partners Advisors LP, the credit division of private equity firm BC Partners. The bankruptcy filing was made in the U.S. Bankruptcy Court for the District of New Jersey as part of a strategy to stabilize LIV’s finances and secure new investment.

Earlier in 2026, LIV faced the impending withdrawal of PIF funding, which was scheduled to end after the current golf season. To address this gap, LIV attempted to raise up to $350 million through an investor roadshow. Under the proposed bankruptcy plan, and subject to court approval, the league is expected to transition to majority player ownership. LIV Golf continues to negotiate with players to finalize this new ownership structure.

As part of the bankruptcy proceedings, PIF has agreed to extend $49.6 million in financing that will keep LIV operational during the restructuring. Following the exit from bankruptcy protection, BC Partners Credit and other minority investors are anticipated to provide additional funding to support LIV’s future endeavors. CEO Scott O’Neil expressed optimism about the league’s next chapter, emphasizing a player-first model and stronger fan engagement as key focus areas.

LIV Golf initially positioned itself as a competitor to the PGA Tour by attracting top golfers with lucrative contracts. Despite plans to merge with the PGA Tour announced in 2023, a formal agreement has yet to be completed. The bankruptcy filing and restructuring efforts highlight LIV’s need to recalibrate amid funding challenges and competitive pressures in the professional golf landscape.