LIV Golf could soon be majority player-owned as organization files for Chapter 11 bankruptcy

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LIV Golf could soon be majority player-owned as organization files for Chapter 11 bankruptcy
(WGHP) — LIV Golf, the professional men’s golf tour owned by the Public Investment Fund of Saudi Arabia, has filed for Chapter 11 bankruptcy protection as it begins restructuring, the organization announced Tuesday.
According to news, the organization and its affiliates will undergo a court-supervised restructuring process under Chapter 11 of Title 11 of the U.S. Code in the U.S. Bankruptcy Court for the District of New Jersey.
LIV Golf CEO Scott O’Neil noted the goal is to move to a new ownership model in which players are the majority owners.
“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,” he said. “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.”
O’Neil has said “LIV Golf 2.0” would feature players as majority owners in a reduced schedule. In a letter to fans, the CEO explained that the new look would expand the size of the field from 57 to 75 players and introduce a 54-hole cut for the first time.
He added that the team concept would be built around nationalities and that LIV would continue to tap some of its more successful markets in Australia, South Africa and Asia.
Still, the new version would be a shell of what LIV had been when it launched in June 2022 — enormous signing bonuses to lure away top names from the PGA Tour, and excessive spending that topped more than $5 billion before the Saudi Public Investment Fund said in April it was pulling the plug.
According to USA Today, the news provides some answers after concerns over the tour’s long-term future began to surface in recent months. The Saudi PIF reportedly decided to stop funding LIV Golf earlier this year after billions in losses since its launch in 2022.
The 2026 season saw several cost-cutting measures, including canceled events and a significant number of eliminated positions.
The Associated Press contributed to this report.
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