LIV Golf bankruptcy: Lawyers target January liquidation

LIV Golf filed for Chapter 11 bankruptcy protection on September 8 after Saudi Arabia's Public Investment Fund, the league's initial backer, decided to cease financing after the 2026 season. The bankruptcy filing includes a proposed schedule for a hearing on January 7, which would determine the start of LIV Golf's liquidation process.

The league's restructuring deal with BC Partners Credit, which pledged $300 million, was not approved due to a lack of player participation and BC Partners' decision to terminate the agreement. Following the bankruptcy filing, LIV Golf laid off 289 employees and furloughed 22 others, shortly before the filing. The league has consistently operated at a loss and is years away from becoming profitable, according to the bankruptcy plan.

In addition to the January 7 hearing, a six-week period will follow to determine voting rights and address any objections from parties owed money by LIV Golf. The final phase of the wind-down process will be overseen by a trust, handling payments to creditors and managing other financial matters. Jon Rahm, one of the league's prominent players, has been separated from LIV, relinquishing a reported $100 million he was owed.

Other LIV participants, currently barred from the PGA Tour, must now explore alternatives for their careers, with the PGA Tour showing no immediate plans to welcome them back.