LIV Golf has filed for bankruptcy protection as the upstart golf league faces a Saudi funding cliff and searches for new investment.
The golf venture — initially backed by Saudi Arabia's Public Investment Fund, or PIF — said Tuesday it has entered into a restructuring support agreement with BC Partner Advisors LP, the credit arm of private equity firm BC Partners. As part of the agreement LIV agreed to seek Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey.
CNBC previously reported PIF was set to pull its funding from LIV at the end of the 2026 schedule. Earlier this year LIV launched an investor roadshow in an effort to raise up to $350 million from stakeholders to fund its operations.
As part of the proposed bankruptcy deal, for which LIV will need court approval, the venture is expected to be majority owned by its players. LIV remains in advanced talks with the players, it said in a Tuesday news release.
PIF has agreed to provide $49.6 million in bankruptcy financing that will allow LIV to stay afloat during proceedings. Following the exit from bankruptcy protection, BC Partners Credit and other minority stakeholders are expected to provide financing.