Andy DevaneyLIV Golf Chapter 11 proceedings have opened in New Jersey, but the more intriguing part of the restructuring sits beyond the courtroom: the league could emerge in early 2027 with its players holding a majority stake.
For an organisation that has spent much of its life talking about changing golf’s established order, this is a rather more literal attempt at changing who owns the furniture.
A Chapter 11 filing with an ownership plan attached
LIV Golf has entered into a Restructuring Support Agreement with BC Partners Credit covering a proposed recapitalisation. The company has also voluntarily begun a court-supervised Chapter 11 process in the US Bankruptcy Court for the District of New Jersey.
The stated aim is to preserve LIV Golf as a going concern while the transaction is pursued. The proposed structure would leave the reorganised company majority-owned by players, although those discussions are still described as advanced rather than complete.
That distinction matters. Player ownership is the headline-grabber; court and stakeholder approval are the machinery underneath it. The transaction has not yet been consummated, and LIV Golf’s target is to emerge from Chapter 11 in early 2027.
PIF puts up $49.6m during the restructuring
The Public Investment Fund of Saudi Arabia has agreed to provide $49.6 million in debtor-in-possession financing, subject to court approval.
BC Partners Credit and other potential minority investors are then expected to provide exit financing once LIV Golf emerges from Chapter 11. BC Partners Credit is also expected to serve as plan sponsor for the reorganised company, again subject to approval.
That makes the proposed reset more than a change of capital structure. If completed as envisaged, it would alter the balance of ownership around the league at the same time as new financing is being put in place.
The players are being moved closer to the centre
LIV Golf’s proposed majority-player ownership model is the most consequential detail in the plan. It would tie the players’ financial interests directly to the league’s longer-term performance.
There is an obvious strategic appeal to that arrangement. The people most visible to fans would also have a direct ownership interest in the organisation they represent. Equally, much depends on the final terms, which have not been set out. “Majority owned by players” is a significant phrase; the precise mechanics behind it will be more significant still.
The board calls it the responsible route
“LIV Golf’s players, employees, and business partners have been central to its growth since its founding. In just a few years, they have built a global platform and expanded the game of golf worldwide,” said Gene Davis, Chairman of the Board’s Special Committee.
“The Board’s priority is to protect what they have built. Working closely with Scott, management, and expert advisors, we reviewed all available options and believe today’s actions reflect the most responsible path forward for the League and its stakeholders.”
LIV Golf is also seeking recognition of the US Chapter 11 proceedings in England and Wales in an effort to preserve the value of its international assets and operations.
David Orlofsky of AlixPartners has been appointed Chief Restructuring Officer, while Gibson Dunn, Cole Schotz and Ducera Partners are among the advisers involved in the process.
Early 2027 is the date to watch
The next chapter is therefore conditional rather than ceremonial. Court approval, stakeholder support, financing and the player-ownership negotiations all have to line up before LIV Golf can claim the reset has been completed.
Still, the intended end state is clear enough: a league emerging from Chapter 11 with fresh financing and a majority of its ownership in player hands.
LIV Golf has never been short of ambitious structural ideas. This one comes with a judge, a timetable and rather more paperwork.
To learn more about LIV Golf, visit https://www.livgolf.com/.
