LIV Golf files for Chapter 11 bankruptcy
CNBC • • sports
Key Points:
- LIV Golf has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of New Jersey as it faces the end of Saudi Arabia's Public Investment Fund (PIF) backing and seeks new investment.
- The league has entered a restructuring support agreement with BC Partner Advisors LP, with plans for majority ownership to shift to the players, pending court approval.
- PIF has agreed to provide $49.6 million in bankruptcy financing to keep LIV Golf operational during the restructuring process, while BC Partners Credit and other minority stakeholders are expected to fund the venture post-bankruptcy.
- LIV Golf CEO Scott O'Neil emphasized the move aims to create a "player-first ownership model" and integrate the league into the global golf ecosystem, signaling a strategic pivot amid financial challenges.
- Earlier reports indicated PIF would end funding by the 2026 schedule, prompting LIV to seek up to $350 million from investors to sustain operations.
