On Tuesday the golf league announced it had entered into bankruptcy protection in an attempt to restructure after Saudi Arabia withdrew its financial backing.
The Saudi Arabia’s Public Investment Fund (PIF) decided to step away from the golf league in April, with new investor BC Partners coming in as a result.
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Now, a Chapter 11 petition has been filed to “preserve the company’s business as a going concern through an innovative player-first ownership model.”
In a statement on Tuesday, LIV Golf said the league is expected to be majority-owned by its players, with whom it “remains in advanced discussions.”
“The people of LIV Golf, led by the players, have continued to show incredible resilience, commitment, and a shared belief in what we are building. Thanks to their tireless work, LIV Golf has created a foundation to entertain and inspire the next generation of global golf fans around the world,” said LIV Golf CEO Scott O’Neil.
“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.”
What are LIV Golf’s plans for next season?
LIV Golf remain hopeful of launching a new iteration of the league in 2027, with events planned in “places like” Australia, South Africa, Mexico, England, Hong Kong and the United States.
Their proposal includes expanding fields to 75 players, with cuts and additional pathways – including Monday qualifiers – added to their events, with more teams embracing national identities.
“I have often said that our role in golf should be to complete, not compete,” O’Neil added. “I believe that more strongly today than ever. I know that the next phase of LIV Golf will be an important part of a healthier global golf ecosystem.
“It will create more opportunity for players, bring elite golf to more parts of the world, and give teams and players a real stake in the future they are building.
“Transitions are rarely easy, but they are powerful when you know where you are going. And we do.”
More to follow…
