LIV Golf has filed for Chapter 11 bankruptcy protection in New Jersey, beginning a court-supervised restructuring for the Saudi-backed professional golf league after years of heavy spending and financial uncertainty.

LIV Golf, which launched in 2022 as a rival to the PGA Tour, filed for bankruptcy Tuesday as it attempts to reorganize its finances and establish new ownership and operating structures. The league reported between $500 million and $1 billion in liabilities and between $100 million and $500 million in assets.

The bankruptcy comes after Saudi Arabia's Public Investment Fund, which provided more than $5 billion to LIV Golf since its launch, decided earlier this year that it would stop funding the league after the 2026 season. The withdrawal of its primary financial backer left LIV seeking new investors and a substantially different business model.

LIV said it has reached a restructuring support agreement with an arm of investment firm BC Partners and other potential investors. Under the proposed restructuring, players are expected to become majority owners of the reorganized league. The organization is seeking to emerge from bankruptcy with a revamped version known as “LIV 2.0.”

Saudi Arabia's Public Investment Fund is also providing approximately $50 million in financing to help LIV operate through the bankruptcy proceedings. LIV has said the court-supervised process is intended to give the league time to pursue a long-term transaction and restructure its financial obligations.

The filing could also have significant consequences for some of LIV's biggest stars. Bankruptcy documents list several professional golfers among the league's largest unsecured creditors. Jon Rahm is listed as being owed approximately $7.4 million, while other players, including Bryson DeChambeau and Dustin Johnson, are also listed among major creditors. The amounts listed represent certain obligations and do not necessarily reflect the full value of players' remaining contracts.

LIV Golf attracted international attention after offering guaranteed contracts and prize purses to persuade prominent players to leave the PGA Tour. The league's arrival triggered a major divide in professional golf and contributed to years of legal and business conflict between LIV and established golf organizations.

Despite the bankruptcy filing, LIV is not immediately shutting down. Chapter 11 allows an organization to continue operating while restructuring its debts and business operations. The league is now attempting to use the bankruptcy process to reorganize and potentially return with a new model in 2027.