The ‌company has between $500 million and $1 billion ‌in liabilities, and between $100 million and $500 million in assets, according to its Chapter ‌11 petition.

LIV Golf said the ⁠bankruptcy will ‌allow it to go forward with the ​support of a new backer, BC Partners Advisors L.P.

LIV has ​been preparing for its next iteration ever since the PIF said in ⁠April that ​further investment in the rebel circuit no longer aligned with its strategy and that it would cut funding at ‌the close of the 2026 season. PIF owns 100% of LIV Golf's equity, according to its bankruptcy petition.

The PIF has invested more than $5 billion in LIV Golf since its launch in 2022 and the breakaway circuit used massive signing bonuses to ‌poach big-name players from the PGA ​Tour like Bryson DeChambeau, Jon Rahm ‌and Dustin Johnson.

Rahm, DeChambeau and Johnson are the company's top three unsecured creditors, according to the petition. Each is owed more than $5 million.