LIV Golf has filed for Chapter 11 bankruptcy protection in New Jersey as the controversial breakaway league prepares for a major restructuring.
The league's filing comes after Saudi Arabia's Public Investment Fund indicated that it would stop funding LIV after the 2026 season.
LIV reported estimated liabilities between $500 million and $1 billion, while its assets were listed between $100 million and $500 million.
The organisation has received a further loan of approximately $49.6 million from the PIF as it works through the restructuring process.
Since its launch in 2022, LIV has dramatically changed professional golf by attracting major stars with substantial contracts and guaranteed money.
Players including Jon Rahm, Bryson DeChambeau and Dustin Johnson became some of the league's biggest names.
The bankruptcy filing now creates uncertainty over the future structure of the competition.
LIV says it intends to move towards a player-first ownership model with outside investment potentially playing a larger role.
The league is reportedly targeting an exit from bankruptcy in early 2027.
That would represent a remarkable transformation for an organisation that only entered professional golf four years ago.
The next stage could involve fewer tournaments and a smaller financial model.
For professional golf, the development could also influence the wider relationship between LIV, the PGA Tour and other major competitions.
The biggest question is no longer whether LIV can survive.
It is what LIV will look like when it emerges from restructuring.
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