LIV Golf Files for Chapter 11, Plans Player-Owned Restructuring

LIV Golf has filed for Chapter 11 bankruptcy protection in New Jersey, after facing a looming Saudi PIF funding cliff and attempting to raise up to $350 million. The company struck a restructuring support agreement with BC Partners and will seek court approval to reorganize, with PIF providing about $49.6 million in debtor-financing to keep operations afloat. The plan envisions the venture becoming majority-owned by its players, with BC Partners Credit and other minority investors financing the post-bankruptcy structure. LIV continues talks with players and remains focused on a fan- and player-owned ownership model as it pursues a transformative path beyond the current upheaval.