QUICK SPARK: LIV Golf’s $1 Billion Debt Problem Triggers Bankruptcy Filing

LIV Golf’s push to bring outside investors into its teams has taken on new urgency after the Saudi-backed league filed for Chapter 11 bankruptcy protection as it seeks to reshape its business.

According to the court filing, LIV estimated its assets between $100 million and $500 million, and its liabilities between $500 million and $1 billion, and has between 1,000 and 5,000 creditors.

Earlier this year, LIV hired Citigroup to explore selling minority stakes in two of its 13 franchises at valuations of up to $300 million, with a controlling stake in one team also potentially on the table. The league had hoped to use outside investment to build team-level businesses, boost sponsorship revenue and monetize players’ name, image and likeness rights.

Now, that strategy is colliding with a much broader financial restructuring. LIV filed for bankruptcy after Saudi Arabia’s Public Investment Fund ended its financial backing, following more than $5 billion of investment since the league launched in 2022, GolfWeek reported.

Under the proposed "LIV 2.0" model, players would become majority owners while the league cuts its schedule to 10 events and reduces prize purses. The Public Investment Fund will provide $49.6 million in debtor-in-possession financing, while BC Partners Credit and other investors are expected to provide exit financing.

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