LIV Golf Files for Chapter 11 Bankruptcy, Plans Early 2027 Restart

LIV Golf filed for Chapter 11 bankruptcy protection on Tuesday, September 8, 2026, in U.S. bankruptcy court in New Jersey, after Saudi Arabia's Public Investment Fund withdrew its financial backing from the tour it had funded with a reported $5 billion investment. LIV Golf Chief Executive Scott O'Neil stated the tour plans to "begin its new era in early 2027." To continue operating through the bankruptcy process, LIV Golf received a debtor-in-possession loan of $49.6 million from Saudi Arabia's PIF. The filing estimated LIV Golf's assets are worth between $100 million and $500 million, while liabilities are estimated between $500 million and $1 billion. Players are facing significant losses in the bankruptcy. Jon Rahm is listed as LIV Golf's largest creditor with $7.47 million in unsecured claims. Bryson DeChambeau is listed with $5.76 million in unsecured claims, and Dustin Johnson is listed with $5.48 million. Cameron Smith is listed with $4.85 million, and Tyrrell Hatton with $3.4 million. Brooks Koepka is listed as a creditor with a claim of $1.7 million despite leaving LIV to rejoin the PGA Tour in January 2026. The total amount owed to 14 current and former LIV players in the top 30 creditors is just over $45 million. LIV Golf launched in 2021 with Saudi backing, with ambitions to supplant the PGA Tour. The tour featured 54-hole tournaments and team competitions with names like "Crushers GC." A proposed 2023 merger between LIV Golf and the PGA Tour never became final. In mid-April 2026, unconfirmed reports emerged of an "emergency summit" in New York City featuring LIV Golf's top executives. The PIF announced in April 2026 it was rethinking its investment strategy, transitioning "from a period of rapid growth and acceleration to a new phase of sustained value creation." LIV Golf canceled its season-ending championship in August 2026 in Michigan. In August 2026, O'Neil said the tour had an agreement in place with a new lead investor but did not disclose who it was. Chapter 11 protection allows LIV Golf to start negotiations with players about their participation in LIV's future. Per BBC Sport, there is no obligation on players to sign on to LIV 2.0, regardless of whether they had previously signed multi-year contracts with LIV Golf. Contracts under the previous iteration of LIV Golf will finish because of the court filing, with amounts owed to players and other creditors addressed through the court process. The proposed restructured league would feature field sizes expanding to 75 players, the introduction of a cut, creating qualifiers and having more teams that "embrace national identities," according to BBC Sport. Players are set to be given equity in the new structure, and individual commercial rights are set to be returned to players. Prize money in the restructured LIV Golf is expected to be lower than PGA Tour events but higher than DP World Tour events. No definitive decisions regarding the 2027 schedule or individual events are being announced at this time. Jon Rahm told the BBC: "There's a lot of things that could happen, and it's one of those things where time's gonna tell" regarding his future with LIV Golf. Brooks Koepka and Patrick Reed left LIV Golf in January 2026. The PGA Tour offered a pathway for a small number of players who had left for LIV to return to playing in PGA events, though the PGA has said it has no plans to offer LIV players a broader pathway back. Widespread reports have linked several LIV stars with returns to other series.