LIV Golf files for chapter 11, seeks player-majority ownership

LIV Golf Incorporated has filed for chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of New Jersey, according to a press release from the company.

The golf league has entered into a Restructuring Support Agreement with BC Partners Advisors L.P., the credit business of BC Partners, which outlines a proposed recapitalization transaction. Under the plan, the reorganized company is expected to be majority owned by its players, though the company said it remains in advanced discussions with players regarding that structure.

The Public Investment Fund of Saudi Arabia has agreed to provide $49.6 million in debtor-in-possession financing, subject to court approval. BC Partners Credit and other potential minority investors are expected to provide exit financing upon the company's emergence from bankruptcy.

LIV Golf CEO Scott O'Neil said the process is intended to "pursue a landmark transaction and begin the next chapter of LIV Golf." Gene Davis, chairman of the board's special committee, said the board reviewed all available options before deciding on the restructuring path.

The company said it intends to emerge from chapter 11 in early 2027. It is also seeking recognition of the U.S. proceedings in England and Wales to protect its international assets and operations.

Gibson, Dunn & Crutcher LLP is serving as lead legal counsel, with David Orlofsky of AlixPartners appointed as chief restructuring officer and Ducera Partners acting as investment banker for LIV Golf.

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