LIV Golf has filed for Chapter 11 bankruptcy protection in the US as the league begins a major restructuring process that could see its players take majority ownership of the company.
The announcement was made on Tuesday that LIV Golf Incorporated and its affiliates have entered into a Restructuring Support Agreement with BC Partners Credit, with the proposed recapitalization intended to allow the business to continue operating.
As a result, it has begun Chapter 11 proceedings in the United States Bankruptcy Court for the District of New Jersey.
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Chapter 11 is a form of bankruptcy that allows a company to reorganize its finances while continuing to operate. In a statement, LIV Golf confirmed that the plan is to emerge from the process in early 2027.
If the proposed restructuring is approved, LIV Golf 2.0 is expected to be majority owned by its players.
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The league says it remains in advanced discussions with players over the plan, which is aimed at “creating an ownership structure aligning players’ interests with the League’s long-term success.”
in a statement, LIV Golf CEO Scott O’Neil said: “This process gives us the structure and time to pursue a landmark transaction and begin the next chapter of LIV Golf – one built around the fans, an innovative, player-first ownership model, and a part of the global golf ecosystem.
“We are excited about what lies ahead and yet, there is still much to accomplish in the months ahead.
“We believe deeply in LIV Golf’s future, the opportunity in front of us, and the people who will help us realize it.”
He added: “We will not rest until we deliver on LIV Golf’s full potential.”