LIV Golf files for bankruptcy: Jon Rahm, Bryson DeChambeau reportedly free to leave as largest creditors

LIV Golf announced Tuesday that the league has begun its restructuring process by filing for Chapter 11 bankruptcy in the U.S. Bankruptcy Court of New Jersey with the assistance of BC Partners' credit business. The court-supervised restructuring mechanism will allow LIV Golf to pursue its next phase of "LIV 2.0" with players holding a majority ownership stake in the league.

"Plenty of well-known companies have taken this path before us, including Marvel Entertainment, Delta Airlines, and Caesars Entertainment, along with sports franchises like the Los Angeles Dodgers, Pittsburgh Penguins, and Leeds United F.C," said LIV Golf CEO Scott O'Neil in a letter to fans. "We are entering this process with a clear plan and the support of BC Partners, well-capitalized investors with deep experience in sports and entertainment."

The move comes after a tumultuous 2026 season in which the league's financial backer, Saudi Arabia's Public Investment Fund, ended its financial commitment, prompting the circuit to seek new investment to fund O'Neil's vision for a restructured league. LIV Golf was forced to cancel two tournaments, and it failed not only to pay vendors but also some of its players, according to court documents obtained by the Financial Times.

Two-time major champions…

Original source: https://www.cbssports.com/