LIV Golf files for Chapter 11 bankruptcy protection

The LIV Golf Tour, the breakaway organization that spent billions of dollars trying to lure some of the PGA’s top players, voluntarily filed for Chapter 11 bankruptcy protection on Tuesday, court records show.

The filing in the United States Bankruptcy Court for the District of New Jersey revealed that some of LIV’s biggest names, including Jon Rahm, Bryson DeChambeau, Dustin Johnson and Cameron Smith -- are owed millions of dollars, Golf Digest reported.

According to court filings, Rahm is owed $7.5 million, while the tour owes DeChambeau $5.7 million, ESPN reported. Johnson is owed $5.5 million, while Smith is due $4.8 million.

Those amounts reflect past-due payments owed to the golfers but not what is owed beyond the bankruptcy filing date, according to the cable sports news outlet.

LIV’s decision signals that it intends to restructure and transition into a new business model, The Athletic reported.

“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.”

The tour said it plans to return to competition in 2027, with players making up the league’s majority ownership, ESPN reported.

In a news release, LIV Golf said it is seeking recognition of its U.S. Chapter 11 proceedings in England and Wales to “preserve the value of its international assets and operations.”

The restructuring would likely release LIV players from their existing contracts, Golf Digest reported.

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