LIV Golf has begun bankruptcy protection proceedings as it seeks to restructure under a proposed player-first ownership model.
A Chapter 11 petition, which is intended to “preserve the company’s business as a going concern”, was filed in the United States on Tuesday.
The breakaway league says it has found a new investor in BC Partners following the decision in April by Saudi Arabia’s Public Investment Fund (PIF) to pull its backing.
The reorganised company is expected to be majority-owned by LIV players, with the league saying it remains in advanced discussions with them over the proposed structure.
PIF has agreed to provide 49.6 million US dollars (£37.7m) in debtor-in-possession financing to support LIV during the restructuring.
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BC Partners Credit and other potential minority investors are set to provide financing when LIV emerges from Chapter 11 and support the reorganised company, subject to court and stakeholder approval.
LIV plans to emerge from the process and begin its new era in early 2027. It is also seeking recognition of the US proceedings in England and Wales to preserve the value of its international assets and operations.
LIV Golf chief executive Scott O’Neil said in a statement: “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 realise it.”
