LIV Golf files for bankruptcy protection, will attempt to restructure

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.

Rather than liquidating the company, LIV’s decision to file a Chapter 11 bankruptcy signals that it seeks to restructure and transition into a new business model. LIV said that its reorganization will happen alongside BC Partners Advisors’ credit division, marking the first time the league had revealed the identity of the “lead investor” it announced in August.

“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.”

Jon Rahm and Bryson DeChambeau, LIV’s two biggest stars, are listed as having the largest unsecured claims.