LIV Golf has filed a Chapter 11 plan to liquidate the breakaway league, with a final court hearing set for 7 January that would start its formal wind-down.
The plan was lodged with a New Jersey bankruptcy court on Tuesday (US time), along with a proposed timetable for winding down the Saudi-funded league, The Associated Press reported.
“Debtors have determined that no viable restructuring transaction remains available due to lack of player participation and BC Partners’ termination of the Restructuring Support Agreement,” LIV said in a summary of the plan.
LIV filed for bankruptcy on 8 September after Saudi Arabia’s Public Investment Fund (PIF), which had bankrolled the league since its 2022 launch, said it would no longer fund LIV after the 2026 season.
A rescue deal with BC Partners Credit, which had pledged US$300 million for a revamped “LIV 2.0” in 2027, fell over after it failed to win enough support.
Read more: Bryson DeChambeau Breaks Silence on LIV Golf Collapse
Key dates in the LIV Golf wind-down
A hearing to conditionally approve the plan’s disclosure statement is set for 24 November (US time), which would begin the wind-down phase.
Creditors then have about six weeks to vote and lodge objections before the 7 January hearing for final approval, Front Office Sports reported.
If the plan is approved, LIV’s remaining assets and liabilities would move into a wind-down trust run by a trustee chosen by the PIF. The trust would pay creditors and settle outstanding claims, and could run for up to five years.
What the filing revealed
LIV said the PIF had invested about US$5 billion in equity, and that the league had always operated at a loss and was years away from turning a profit, AP reported.
The filing showed LIV laid off 289 staff and furloughed 22 others roughly a week before it filed for bankruptcy. That came about a month after it finished paying US$15.6 million in retention bonuses to seven executives.
More than US$100 million in unsecured claims from players, contractors and suppliers are grouped together, with only a US$2 million pool set aside to pay them, according to Front Office Sports. The PIF is LIV’s biggest creditor after funding the 2026 season through a US$495 million secured loan.
Where LIV Golf players go now
The court last week approved Jon Rahm’s exit from LIV, a move that reportedly cost the two-time major winner about US$100 million he was owed. Rahm won the DP World Tour’s Abu Dhabi Championship on Sunday, his first title since leaving LIV.
The remaining LIV players are still banned by the PGA Tour and must now work out where to play. Some hold DP World Tour membership or can chase sponsor invitations, but the PGA Tour has not offered a way back and is unlikely to before the bankruptcy is finished, AP reported.
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