LIV seeks bankruptcy protection and calls for players to become league owners

LIV Golf has sought bankruptcy protection in the United States while proposing a new ownership model that would place its players at the center of the league's future.

The circuit said it had signed a restructuring support agreement with BC Partners Advisors LP, the credit division of BC Partners. The agreement includes a recapitalization operation intended to preserve the circuit's activities.

To carry out the plan, LIV Golf voluntarily began a court-supervised restructuring under Chapter 11 of the U.S. Bankruptcy Code. The filing was made in the U.S. Bankruptcy Court for the District of New Jersey.

LIV said the operation is designed to create an innovative ownership model that prioritizes players. The reorganized company is expected to become majority-owned by players, with whom the league says it is holding advanced discussions. The proposed structure would align the players' interests with the league's long-term success.

The deal still requires approval from the court and relevant interested parties. Under the agreed milestones for the case, LIV Golf intends to begin its new era in early 2027.