The Saudi-backed golf league is seeking major changes to player agreements as it restructures under Chapter 11 bankruptcy protection.
LIV Golf has asked a US bankruptcy court for permission to terminate its existing player contracts as the breakaway golf league begins a major financial restructuring.
The move could affect some of the biggest names in golf, including Jon Rahm, Bryson DeChambeau and Phil Mickelson. LIV’s legal team argues that the existing contracts are no longer financially sustainable as the organisation attempts to restructure its operations.
LIV Golf entered Chapter 11 bankruptcy protection in the United States on Tuesday after its Saudi backer, the Public Investment Fund (PIF), decided not to continue funding the league beyond the 2026 season. PIF had invested about $5 billion in LIV since its launch in 2021.
Court documents show that several leading players are also listed among LIV’s unsecured creditors. Rahm is listed with an unsecured claim of about $7.47 million, while DeChambeau is listed at about $5.77 million.
LIV is working with private-equity firm BC Partners on a proposed restructuring that could see players become majority owners of the revamped league. The organisation says it intends to emerge from Chapter 11 and begin a new era in early 2027, although the plan still requires court and stakeholder approval.
The restructuring has left the futures of several LIV stars uncertain. Rahm, who has more than $100 million reportedly remaining on his current contract, said recently that he was unsure what his future with the league would look like.
