Story perspectives

LIV Golf files for Chapter 11 amid $49.6M loan

9/10/2026

Summary

LIV Golf Bankruptcy

LIV Golf filed for Chapter 11 bankruptcy protection in the U.S. District Court for New Jersey.
The league reported assets of $100 million-$500 million and liabilities of $500 million-$1 billion.
Saudi Arabia’s Public Investment Fund agreed to a $49.6 million debtor-in-possession loan.
BC Partners Credit entered a restructuring support agreement to become LIV Golf’s lead investor.
LIV Golf plans to emerge in early 2027 with player-majority ownership, a ten-event schedule and lower prize funds.

Summary

Yasir Al-Rumayyan Resigns

PIF governor Yasir Al-Rumayyan resigned from LIV Golf’s board after the sovereign fund withdrew financing.
LIV Golf laid off most operational staff in August after the Saudi fund stopped financing.
Event contractors remain unpaid, awaiting settlement per the Chapter 11 filing.
PIF halted funding to shift capital to domestic projects and ease pressure from the regional war with Iran.

History

Historical Context

In September 2008 Lehman Brothers filed the largest U.S. Chapter 11, holding over $600 billion in assets and receiving $138 billion in Federal Reserve-backed advances, which sparked market crashes and regulatory safeguards. The 2024 LIV Golf Chapter 11, funded by a $49.6 million loan from Saudi Arabia’s Public Investment Fund and led by BC Partners, repeats the debt-driven pattern, prompting tighter oversight of sports restructurings.

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LIV Golf Bankruptcy

LIV Golf filed for Chapter 11 bankruptcy protection in the U.S. District Court for New Jersey.
The league reported assets of $100 million-$500 million and liabilities of $500 million-$1 billion.
Saudi Arabia’s Public Investment Fund agreed to a $49.6 million debtor-in-possession loan.
BC Partners Credit entered a restructuring support agreement to become LIV Golf’s lead investor.
LIV Golf plans to emerge in early 2027 with player-majority ownership, a ten-event schedule and lower prize funds.

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