LIV Golf’s effort to save its business and resurrect a new iteration of the league now includes bankruptcy. The league submitted a Chapter 11 filing in the United States Bankruptcy Court for the District of New Jersey on Tuesday, according to court documents.LIV’s decision to file for bankruptcy rather than liquidate the company signals that it seeks to restructure and transition to a new business model. LIV said its reorganization will happen alongside BC Partners Advisors’ credit division, marking the first time the league revealed the identity of the “lead investor” it announced in August.The Public Investment Fund of Saudi Arabia — LIV’s financial backer from the league’s 2022 inception until it announced in April its decision to pull funding — has also agreed to take part in the restructuring. If approved by the court, PIF will provide $49.6 million in debtor-in-possession financing to carry LIV through the expensive and complex Chapter 11 bankruptcy process.However, the PIF’s loan will come with milestones, which are strict deadlines that LIV must meet to continue receiving cash payments. One milestone will be LIV’s ability to sign a finalized investment agreement with BC Partners, according to a source briefed on the matter who spoke on the condition of anonymity because they were not authorized to speak publicly.In the filing, LIV estimates its assets are worth between $100 million and $500 million, and its liabilities are between $500 million and $1 billion, illustrating the gap on its balance sheet which helps LIV qualify for Chapter 11 in the first place. LIV’s high liabilities also show the scale of its long-term commitments — like multi-year player contracts — that it will not be able to pay out.“This process gives us the structure and time to pursue a landmark transaction and begin the next chapter of LIV Golf — one built around the fans, an innovative, player-first ownership model, and a part of the global golf ecosystem,” LIV CEO Scott O’Neil said in a statement. “We are excited about what lies ahead and yet, there is still much to accomplish in the months ahead. We believe deeply in LIV Golf’s future, the opportunity in front of us, and the people who will help us realize it.”Is this the end for LIV Golf?Brody MillerJon Rahm and Bryson DeChambeau, LIV’s two biggest stars, are listed as having the largest unsecured claims, worth $7.4 million and $5.7 million, respectively. These figures reflect past-due third-quarter payments to each player, rather than future expected payments based on multiyear contracts. Bankruptcy law requires those guarantees to be handled separately, and the listed numbers are considered initial estimates.Notably, DeChambeau’s claim is marked “contingent” on the filing, meaning the payout is dependent on a certain undisclosed future event. The next-largest creditor, Dustin Johnson, is marked as contingent and disputed, meaning that LIV disagrees with the size of the claim.Among the top 30 unsecured creditors is Brooks Koepka, who left LIV Golf at the end of 2025 and rejoined the PGA Tour. He holds a claim of $1.7 million.The United Nations High Commissioner for Refugees is another unsecured creditor, listed on the filing with a claim for $1.7 million. In 2024, LIV announced a three-year partnership agreement with the organization, through which it committed $10 million to help displaced individuals across Africa, Asia, Europe and South America access sport and education.