LIV Golf files for Chapter 11 bankruptcy protection

<p><a href="https://www.axios.com/2026/04/30/pif-liv-golf-bryson-dechambeau-pga-tour" target="_blank">LIV Golf</a>, the Saudi-backed golf league, filed for Chapter 11 bankruptcy protection on Tuesday. The league, which attracted prominent players from the PGA Tour with substantial financial incentives, struggled to establish a sustainable business model.</p><p><strong>Background:</strong> The bankruptcy filing follows months of attempts to secure new investors and develop a viable strategy for a league that faced challenges in achieving significant television ratings.</p><hr /><p><strong>Public Investment Fund's involvement:</strong> The Public Investment Fund (PIF) of Saudi Arabia confirmed in April that it would withdraw its support for LIV Golf after the 2026 season. PIF had invested over $5 billion into the league but decided to cease funding due to changing geopolitical circumstances and energy market fluctuations.</p><ul><li>The fund stated that the ongoing investment required by LIV Golf no longer aligned with its current investment strategy.</li></ul><p><strong>Restructuring efforts:</strong> LIV Golf announced that it has secured a restructuring support agreement with an affiliate of BC Partners to reorganize its operations, aiming for a structure that is