LIV Bankruptcy Reveals PIF’s $495M Exit, Player Contract Details

LIV Golf has filed for Chapter 11 bankruptcy, revealing details about the Saudi Public Investment Fund's ($495M) exit from the league and player contract information. The bankruptcy filing, which totals 128 pages, was submitted by LIV on Wednesday following its filing on Tuesday. The league now has just 41 full-time employees remaining and $15 million in cash on hand, but has secured $49.6 million in DIP financing from the PIF for interim operations.

LIV aims to emerge from bankruptcy in January 2027, with plans for a sixth season and a new "2.0" structure. The filing details that many players are still under contract, some with multiple years remaining through the 2028 league season, but these contracts do not reflect the new compensation structure under LIV 2.0. LIV is requesting permission from the bankruptcy court to reject certain contracts, primarily with players, to reduce operational costs.

The PIF has not shown interest in paying more than a small portion of the remaining players' contracts. Jon Rahm, a key player, is owed over $100 million in future guarantees from his nine-figure contract signed before LIV's 2024 season. The PIF's total investment in LIV since its inception in 2021 is approximately $5 billion. The filing also revealed that LIV canceled two events on the 2026 schedule, resulting in over $60 million in lost prize money.

Additionally, many vendors and contractors were not paid, leading to lawsuits against LIV among its largest unsecured creditors. LIV has operated at a deficit for its entire existence, with net operating losses totaling approximately $5 billion as of the end of 2025. The bankruptcy filing also marked the first time LIV publicly acknowledged its talks with BC Partners Credit, who are set to back the league's operations in 2027 and beyond should LIV emerge from the Chapter 11 process.