LIV Golf Bankruptcy Filing Shows $15 Million Cash, Oct. 13 Deadline

LIV Golf's representatives filed hundreds of pages of court documents this week ahead of a Wednesday bankruptcy hearing before Judge Michael B. Kaplan in New Jersey, laying out for the first time the league's finances and the terms of a possible relaunch.

How much money does LIV have left?

According to the filing, LIV had $15 million in spending cash remaining as of this week, evidence of why the league has struggled to pay vendors through 2026. Chief restructuring officer David Orlofsky wrote in the filing that the league's operating model "would have reached profitability within five to seven years" with adequate funding.

The shortfall traces partly to broadcast revenue. Filings show TV rights made up just 5% of LIV's total revenue, against sponsorship dollars of $102 million in 2025 that made up roughly half of the league's business. That points to total 2025 revenue near $208 million, with broadcast rights worth only about $10-11 million of it.

How did LIV end up in bankruptcy court?

The filings show the Public Investment Fund was already preparing to restructure LIV before this year's Masters ended. Restructuring bankers Gene Davis and Jon Zinman were added to LIV entities' boards as early as April 13, two days after Rory McIlroy's win at Augusta. By early June, with the PIF planning to stop funding the league after 2026, the PIF instead became a lender, issuing LIV a $495 million secured loan to get through the rest of the season. Even with that loan, LIV canceled its New Orleans event and folded its Team Championship into the season finale in Indiana.

A league that once ran on a Saudi blank check is now asking its own players to help finance what comes next.

What does the BC Partners deal require?

A term sheet in the filing lays out a Restructuring Support Agreement with BC Partners' credit division to fund LIV through bankruptcy and to back a relaunched league. For that deal to close, 50% of players with financial claims against LIV must sign on within 35 days of the Sept. 8 filing, and the combined value of those players' claims must equal at least two-thirds of all player claims league-wide. In other words, LIV needs its biggest names, not just a majority by headcount, to commit by Oct. 13.

The search for a lead investor ran roughly 80 days, from May 3 to a July 22 bid deadline. About 100 potential investors signed non-disclosure agreements, some 30 conducted detailed diligence, and two submitted bids before BC Partners was chosen. As part of the arrangement, BC Partners would have the right to own a future LIV expansion team at virtually no initial cost.

What would players get out of LIV 2.0?

The BC Partners agreement gives players a combined 52.5% ownership stake in the relaunched league in exchange for agreeing to play in LIV 2.0. Individual contracts would also include signing bonuses, roughly 30% aggregate ownership in the teams players compete for, and a return of unspecified NIL rights.

The filing also disclosed side arrangements already in place: a 0.23% equity stake for one unnamed player and the same amount for Greg Norman, an indemnification clause covering up to $3 million in legal costs for one player's dispute with a prior sponsor, and full coverage of a different player's health insurance plan.

What is LIV asking the court to do with existing contracts?

LIV is asking the bankruptcy court to let it reject a range of contracts and leases, including office space in West Palm Beach, Florida, and Scottsdale, Arizona, team-trainer arrangements, and player participation agreements. The filing lists dated "Letter Agreements" tracing LIV's early recruiting, including Henrik Stenson, Lee Westwood and Ian Poulter on May 10, 2022, and Joaquin Niemann on Aug. 28, 2022. Cameron Young's name also appears, dated July 24, 2022, though he ultimately signed with the PGA Tour instead.