Players stand to become the controlling owners of LIV Golf under a proposed restructuring after the league filed for Chapter 11 bankruptcy protection and agreed a support deal with BC Partner Advisors LP, the credit arm of private equity firm BC Partners. The reorganisation will be pursued in a New Jersey bankruptcy court, and the ownership shift remains subject to judicial approval and final agreements with player representatives.
The filing follows a push to replace or supplement funding as the league prepares for the scheduled end of its earlier financing arrangements in 2026. LIV ran an investor roadshow earlier this year seeking up to $350 million to sustain operations, and for the Chapter 11 process the Public Investment Fund, which initially backed the venture, agreed to provide $49.6 million in financing to keep the league operating through the proceedings.
Under the company’s plan, BC Partners Credit and other minority stakeholders are expected to supply follow-on financing once LIV exits bankruptcy. CEO Scott O'Neil described the filing as a step toward a new structure, saying, "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." He also said the organisation still faces work in the months ahead.
LIV rose as an alternative to the PGA Tour by signing prominent players with large payouts and by 2023 had agreed terms to merge with the PGA Tour, a combination that has not yet been finalised. The Chapter 11 petition formalises a judicial path for that restructuring and alters leverage in negotiations, moving power toward the league’s players and the financiers lining up behind a post-bankruptcy ownership model.
The immediate agenda is routine for a Chapter 11 case: the court will review the petition in New Jersey while LIV negotiates final terms with player groups and prospective lenders as it seeks approval for the transaction and commitments for follow-on capital.
