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LIV Golf, which has competed with the PGA Tour with the backing of massive Saudi funding, has filed for bankruptcy protection in the United States. The league plans to restructure and relaunch in a new form.

According to The Guardian on Sept. 9 local time, LIV Golf recently filed for bankruptcy protection in a New Jersey court. The league reportedly ran into worsening financial difficulties after Saudi investors that had supported it abruptly cut off funding earlier this year.

Court filings show that LIV Golf has estimated liabilities of between $500 million and $1 billion and at least 1,000 creditors.

The creditor list includes some of LIV Golf’s biggest stars, including Bryson DeChambeau, Jon Rahm and Cameron Smith.

Attention is now turning to what those players will do next. They are expected to face a choice between staying with a restructured LIV Golf or leaving the tour and pursuing legal claims for millions of dollars they are owed.

LIV Golf CEO Scott O’Neil said the bankruptcy filing “will provide the structure and time needed to pursue a significant transaction and begin the next chapter of LIV Golf.”

LIV Golf has already laid off most of its employees this month.

O’Neil said LIV Golf plans to relaunch next year as part of the global golf ecosystem with a new fan-focused competition format and a player-first ownership structure.

However, LIV Golf said in a statement that “there are currently no definitive decisions to announce regarding the 2027 schedule or individual events.”

Saudi Arabia’s Public Investment Fund, or PIF, is estimated to have invested about $5 billion in LIV Golf before ending its financial support this year.

LIV Golf is also seeking recognition in England and Wales of the bankruptcy proceedings underway in the United States so that its overseas assets and business operations can be included in the process.

The league has also outlined plans to launch what it calls “LIV Golf 2.0” next season with new investors. The revamped tour is expected to feature a reduced schedule and smaller prize purses than before.

Whether LIV Golf’s top players remain with the new tour is widely seen as a key factor that will determine its future success.

In a statement issued on Sept. 8, LIV Golf said it was continuing “advanced discussions” with players. Those talks are understood to include plans for an ownership structure designed to align players’ interests with the league’s long-term success.

There has long been speculation that some of LIV Golf’s star players could return to the PGA Tour or other tours.

The PGA Tour, however, has said it has no plans to create a separate pathway for LIV Golf players seeking to return.

                                                                                                            Seong Hui-je