​INCHEON, SOUTH KOREA – MAY 04: (L to R) Paul Casey, Bryson DeChambeau, Charles Howell III and Anirban Lahiri of Crushers GC celebrate with the team trophy after winning the final round during day three of LIV Golf Korea at Jack Nicklaus GC Korea on May 04, 2025 in Incheon, South Korea. (Photo by Chung Sung-Jun/Getty Images)Getty ImagesLIV Golf announced today that it has voluntarily commenced a court-supervised Chapter 11 bankruptcy proceeding in order to restructure its debts and obligations and announced a transaction with BC Partners. The announcement sets the stage for a proposed recapitalization that would result in LIV being majority owned by players. This move represents a transition for LIV Golf away from its original business model, which was up until April of 2026 funded by the Saudi Public Investment Fund (PIF), into it’s self-described LIV 2.0 era. The PIF had invested more than $5 Billion into the league until it’s decision to withdraw earlier this year.Chapter 11 RestructuringAccording to LIV, the restructuring is intended to give LIV Golf the time and framework needed to address prior financial obligations while completing the announced transaction with BC Partners. Chapter 11 bankruptcy is a court-supervised process in the United States that allows companies to address their financial obligations under supervision of the specific bankruptcy court. Chapter 11 proceedings were commenced in the U.S. Bankruptcy Court of the District of New Jersey by LIV Golf on Tuesday. LIV Golf characterized the filing as a step in transitioning away from its legacy business model to establish a more sustainable structure for the future. In a press release, LIV Golf CEO Scott O’Neil stated, “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 realize 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.” Restructuring Agreement with BC PartnersCentral to the announcement is a restructuring support agreement with BC Partners. Under the agreement, BC Partners and other potential minority investors are expected to provide exit financing and serve as a plan sponsor following LIV Golf’s emergency from the Chapter 11 proceedings. The agreement allows LIV Golf, along with BC Partners and other potential minority investors to negotiate and agree upon the terms of claims and the course of the bankruptcy process, and serves as a written memorialization of those agreements. The transaction is designed to preserve LIV G