LIV Golf has filed a bankruptcy plan proposing an orderly liquidation of its operations, with a January 7, 2027, hearing potentially setting the next major step towards winding down the Saudi-backed league.
The league submitted its Chapter 11 bankruptcy plan to a New Jersey court on Tuesday, alongside a proposed schedule for a final hearing on its disclosure statement. The development follows the collapse of efforts to secure a financial restructuring that would have allowed LIV Golf to continue into 2027.
LIV filed for bankruptcy on September 8 after Saudi Arabia’s Public Investment Fund (PIF), which had financed the league since its launch, announced that it would stop funding the competition after the 2026 season as part of a change in strategy.
A proposed restructuring agreement with BC Partners Credit, which had pledged $300 million, failed to secure sufficient support for a second version of the league.
In a summary of its bankruptcy plan, LIV said: “Debtors have determined that no viable restructuring transaction remains available due to lack of player participation and BC Partners’ termination of the Restructuring Support Agreement.”
The filing revealed that PIF had invested approximately $5 billion in equity capital, while LIV had continually operated at a loss and remained years away from profitability.
It also disclosed that the league laid off 289 employees and furloughed another 22, roughly a week before filing for bankruptcy. This came about a month after LIV paid $15.6 million in retention bonuses to seven executives, which it said were essential to completing the 2026 season and preparing for restructuring.
A hearing scheduled for November 24 will consider conditional approval of the disclosure statement, which provides financial information to creditors and forms part of the wind-down process. The proposed January 7 hearing would consider its final approval. The intervening period will allow the court to determine voting rights and for creditors to raise objections.
A wind-down trust would subsequently oversee creditor payments, legal claims and other financial matters.
The league’s proposed liquidation also leaves the futures of its players uncertain. The bankruptcy court approved Jon Rahm’s separation from LIV last week, reportedly costing the two-time major champion $100 million owed under his contract when he joined the league at the end of 2023.
Other players, including India’s Anirban Lahiri, must now assess their options. Some may retain European Tour membership or seek sponsor exemptions, although access to the strongest events could remain limited.
The PGA Tour has yet to outline a pathway back for LIV players and is unlikely to do so until the bankruptcy proceedings are completed.
What began in 2022 as a heavily funded attempt to reshape professional golf through lucrative contracts and team competition is now facing an orderly wind-down after failing to establish a sustainable financial future.