LIV Golf Filing Reveals $1 Team Option, Player Equity Stakes

LIV Golf's Chapter 11 bankruptcy filing, submitted as CEO Scott O'Neil seeks new investment to fund what he has called the league's "next phase," discloses previously unknown details about player equity stakes, a strikingly cheap path to owning a new franchise, and just how little of LIV's income has come from television.

What does the filing say about buying into LIV Golf?

Among the terms attached to a potential investment from BC Partners, the private equity firm has secured an exclusive option to purchase a LIV Golf expansion team for $1. If BC Partners exercises that option, it would also collect 2% of the league's revenue, but only after LIV reaches profitability. The broader BC Partners investment, reported to be worth roughly $300 million, is itself conditional on a minimum share of current LIV players signing on for next season.

The filing also states outright, for the first time in writing, that LIV Golf categorizes both the PGA Tour and DP World Tour as competitors — a formal acknowledgment of a rivalry that has otherwise played out in press conferences and lawsuits since LIV launched.

Which players have an equity stake in LIV Golf?

The documents show individual compensation arrangements that varied widely depending on when and why a player signed. Greg Norman, the league's former CEO, holds a 0.23% equity stake, and an unnamed current player is listed with a similar-sized stake. Henrik Stenson and Ian Poulter are named among the shareholders holding larger individual stakes. Other disclosed arrangements include a substantial personal healthcare package for one player and a $3 million indemnity clause protecting another against potential litigation from a sponsor.

How much of LIV Golf's money comes from TV deals?

The filing underscores a long-running theory about why a league that has spent an estimated $6 billion has struggled to gain traction: broadcast revenue accounted for only 5% of LIV's total revenue, versus close to 70% for the PGA Tour. Sponsorship income has been the bigger driver, reaching $102 million in 2025 and accounting for nearly half of LIV's total revenue for the year.

A $1 option to buy an entire professional golf team says more about LIV Golf's finances than any figure in the filing.

BC Partners' financing remains contingent on LIV signing up enough players, and the roster commitments that follow will determine whether the league's restructuring plan becomes reality.