LIV Golf bankruptcy filing: Which top golfers are owed? Will the league return? | Hindustan Times

LIV Golf has filed for bankruptcy protection in a New Jersey court, according to a report by the Financial Times. The Chapter 11 filing in the District of New Jersey lists liabilities ranging between $500 million and $1 billion.Top LIV players listed as creditorsSeveral of the league's biggest stars, including Jon Rahm, Bryson DeChambeau, Dustin Johnson and Cameron Smith, are reportedly among those owed millions. Nine professional golfers are listed among the company's 10 largest unsecured creditors.The filing shows individual player claims ranging from $2 million to $7.4 million.However, those figures reportedly cover only LIV's third-quarter obligations for 2026 and do not represent the full value of the players' remaining contracts, some of which extend for several years and are worth tens of millions of dollars.Players could take majority ownershipAlongside the bankruptcy filing, LIV announced a proposed restructuring plan that could see its players take majority ownership of the reorganized league.“Under the proposed transaction, the reorganised company is expected to be majority owned by players, whom the company remains in advanced discussions with, creating an ownership structure aligning players’ interests with the league’s long-term success.”Also read | FedEx Cup payout: How much did Scottie Scheffler win, and what is caddie Ted Scott's share?LIV said discussions with players remain ongoing and that the proposed ownership arrangement would require court approval. The company expects to complete the court-supervised restructuring process and emerge in early 2027.PIF funding ends after 2026 seasonSaudi Arabia's Public Investment Fund has invested more than $5 billion in LIV Golf since the circuit launched in 2022. However, PIF disclosed earlier this year that it would stop funding the league after the 2026 season.LIV had previously launched an investor roadshow in an effort to raise as much as $350 million to support its operations after the expected end of PIF's funding.Despite stepping back from long-term funding, PIF has agreed to provide approximately $49.6 million in bankruptcy financing to help LIV continue operating throughout the Chapter 11 process.New investors expected after restructuringFollowing LIV's emergence from bankruptcy protection, BC Partners Credit and other minority stakeholders are expected to provide additional financing.However, LIV and BC Partners have not yet revealed what the league's new format will look like or which golfers will remain involved following the restructuring. BC Partners' investment had previously been reported at up to $300 million.Also read | Matt Gogel golf gambling violation: What golfer said after receiving 6-month PGA Tour suspensionA “first-day” hearing is expected to be held later this week or early next week, during which LIV's lawyers will present their proposed plan for navigating the bankruptcy process.