Less than five years after its inception, LIV Golf has filed for bankruptcy protection in New Jersey, United States, marking a significant turn for the controversial golf league. The Chapter 11 filing, submitted on Tuesday, allows the company to remain operational while it reorganizes its business affairs.

The move provides a rare glimpse into LIV Golf's financial standing, revealing estimated liabilities between $500 million and $1 billion owed to at least 1,000 creditors. Among those listed as creditors are prominent golfers who have signed with the league, including Bryson DeChambeau and Jon Rahm, who are owed millions in unsecured claims. Spaniard Jon Rahm holds the largest claim among the players at $7.5 million, followed by DeChambeau at $5.7 million and Dustin Johnson at $5.5 million.

The bankruptcy filing comes after LIV Golf significantly reduced its staff earlier this month and canceled its season-ending team championship in August. These actions followed the withdrawal of backing from Saudi Arabia's Public Investment Fund (PIF), which had reportedly invested an estimated $5 billion into the tour since its launch in 2022. The PIF is now set to provide a loan of $49.6 million to support LIV Golf's bankruptcy and restructuring process, according to a statement from the league.

LIV Golf has emphasized that the bankruptcy filing is not an indication of dissolution but rather a strategic step toward restructuring and continuing operations under a new business plan. League officials have previously indicated that a "2.0" version of the tour is planned for the next season, potentially featuring a shorter schedule and reduced prize money, supported by new investors.

In a letter to fans, LIV Golf CEO Scott O’Neil stated that the league is entering a court-supervised restructuring process designed to address financial obligations and facilitate a transaction for the league's future. He described the process as a means to build a stronger and more sustainable future for LIV Golf. O’Neil also indicated the league's intention to continue staging events in international locations such as Australia, South Africa, Mexico, Hong Kong, and England, as well as seeking to maintain a presence in the United States.

The league's financial difficulties and subsequent bankruptcy filing underscore the challenges faced by LIV Golf since its controversial launch, which fractured the traditional professional golf landscape. The substantial investment from the PIF highlighted the ambitious nature of the league's entry into the sport.

Key players like Cameron Smith of Australia ($4.8 million), Tyrrell Hatton of England ($3.4 million), and Brooks Koepka ($1.7 million) are also listed among the creditors. Koepka, who departed the league at the start of 2026, is among those awaiting payment.

The future structure of LIV Golf remains a subject of ongoing development, with plans for a "2.0" iteration aiming for greater financial sustainability and alignment with players, centered on team golf. The specifics of new investors and operational changes are expected to emerge as the restructuring process unfolds.