Embattled LIV Golf files for bankruptcy, but not dead yet

Also in the works is a restructuring process, which is intended to preserve LIV Golf through a player-first ownership model.

"The people of LIV Golf, led by the players, have continued to show incredible resilience, commitment, and a shared belief in what we are building," said LIV Golf CEO Scott O'Neil on Tuesday.

"Thanks to their tireless work, LIV Golf has created a foundation to entertain and inspire the next generation of global golf fans around the world.

"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. 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 realise it. We are grateful to our players, the incredible team at LIV Golf, our Board, BC Partners, and our partners all over the world standing tall with us, and we thank them for their belief in our next chapter."

In addition, the Public Investment Fund of Saudi Arabia has agreed to provide $49.6 million in debtor-in-possession financing on the terms set forth in the credit agreement.

LIV Golf intends to emerge from the Chapter 11 and begin its new era in early 2027. Plans include events in South Africa, Mexico, England and Hong Kong, as well as the expansion of its field to 75 golfers.