LIV Golf, the beleaguered international golf tour, has finally declared bankruptcy after struggling through 2026 following the withdrawal of Saudi investment.
The business confirmed it has entered into a restructuring support agreement (RSA), tapping investment fund BC Partners to support the proposed recapitalization following Chapter 11 bankruptcy proceedings, which it says it initiated voluntarily.
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Post-reorganization, LIV will shift to a new financial model in which the tour will be majority-owned by its own players, backstopped by minority external investment from BC Partners to offset the loss of Saudi Public Investment Fund (PIF) backing.
Indeed, in August, LIV Golf chief executive O'Neill claimed that the series had secured investment from a source – which he did not name – that would allow it to function beyond 2026, now revealed as BC Partners.
The investment push was driven by international investment bank Ducera Capital, which LIV Golf retained back in May to help draw new financial backing.
O’Neill said on this new development: “This process gives us the structure and time to pursue a landmark transaction and begin the next chapter of LIV Golf – one built around the fans, an innovative, player-first ownership model, and a part of the global golf ecosystem.
"We are excited about what lies ahead and yet, there is still much to accomplish in the months ahead. We believe deeply in LIV Golf’s future, the opportunity in front of us, and the people who will help us realize it.
“We are grateful to our players, the incredible team at LIV Golf, our Board, BC Partners, and our partners all over the world standing tall with us, and we thank them for their belief in our next chapter. A special thank you to Ducera Partners, who drove this investment process. We will not rest until we deliver on LIV Golf’s full potential.”
The PIF, which pulled investment at the beginning of 2026, has committed to paying $49.6 million in debtor-in-possession financing that will allow LIV Golf to continue day-to-day operations
LIV Golf says that it will emerge from bankruptcy proceedings in early 2027 with this new model supporting a tour that is scaled down, with a 75-man competitive field, but with an ambition to continue to host events across five continents.
The 2026 LIV Golf season came to an end a week earlier than planned, with the Team Championship in Michigan – meant to bring the 2026 campaign to a close – eventually being canceled amidst the uncertainty.
Current LIV Golf-contracted players will, however, have the option to leave as the promotion enters bankruptcy, a fact that may pose future problems in 2027 should too many of the marquee names in the series refuse to return next year.
