LIV Golf bets on a player-owned 2.0 to rescue its finances

LIV Golf has filed for Chapter 11 in New Jersey and is racing to sign players for a new LIV 2.0 as part of a restructuring backed by a $300 million BC Partners-led investment and a $50 million loan from Saudi Arabia’s Public Investment Fund. Under the term sheet, players would exchange their current contract claims for equity in LIV 2.0 and could receive signing bonuses and NIL endorsements, with the league majority-owned by players. The plan hinges on court-approved milestones to avoid a wind-down; LIV disclosed about $15 million cash at filing after burning through roughly $5 billion from PIF and $500 million in a prior loan. In 2025 LIV revenue was about $200 million, with little contribution from TV deals, while sponsorships dominated. A committee of unsecured creditors is anticipated to be formed, and Judge Kaplan noted the spectacle of such a committee formation during proceedings.