LIV Golf files for bankruptcy protection, enters 'next phase' - ESPN

LIV Golf and its related entities voluntarily filed for Chapter 11 protection in the U.S. Bankruptcy Court of New Jersey on Tuesday, according to court records.

The league indicated it had between $100 million and $500 million in assets and $500 million to $1 billion in liabilities.

Jon Rahm ($7.5 million), Bryson DeChambeau ($5.7 million), Dustin Johnson ($5.5 million), Cameron Smith ($4.8 million), Tyrrell Hatton ($3.4 million) and Brooks Koepka ($1.7 million) are among the league's creditors with the 30 largest unsecured claims, according to court records. Those totals reflect the past-due payments owed to the golfers but not what is owed to them beyond the bankruptcy filing date.

In a statement, LIV Golf said that it has entered a restructuring support agreement with BC Partners Advisors and that it had voluntarily entered a court-supervised restructuring process under Chapter 11.

The league said it plans to return to competition in 2027 and is expected to be majority owned by its players.

«Now it is time to enter the next phase of LIV Golf,» CEO Scott O'Neil said in a letter to fans. «Today, we took an important step forward to get there. LIV Golf has entered a court-supervised restructuring process that provides us with the time and framework to address previous financial obligations and complete a transaction that will make the League's next phase a reality. Put simply, this process is designed to build a stronger and more sustainable future for LIV Golf.»

In a news release, LIV Golf said it is seeking recognition of its U.S. Chapter 11 proceedings in England and Wales to «preserve the value of its international assets and operations.»

The league said Saudi Arabia's Public Investment Fund, which announced in April