LIV Golf has filed for bankruptcy protection in the United States but still intends to launch a new version of the league from next year.
On Tuesday the golf league announced it had entered into bankruptcy protection in an attempt to restructure after Saudi Arabia withdrew its financial backing.
beyond the 2026 campaign, having spent over $5bn (£3.6bn) over five years, leaving the circuit searching for fresh investment in recent months.
LIV Golf cut around 90 per cent of its staff after the conclusion of the season, as negotiations continued over its long-term future, with BC Partners later named as the proposed new investors.
Sky News understands LIV Golf is starting talks with players about whether they take part in the new iteration or elect to leave.
LIV Golf says a Chapter 11 petition has been filed to "preserve the company's business as a going concern through an innovative player-first ownership model".
In the statement on Tuesday, LIV Golf said the league is expected to be majority-owned by its players, with whom it "remains in advanced discussions".
LIV Golf chief executive Scott O'Neil said: "The people of LIV Golf, led by the players, have continued to show incredible resilience, commitment, and a shared belief in what we are building. Thanks to their tireless work, LIV Golf has created a foundation to entertain and inspire the next generation of global golf fans around the world.
"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 realise 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.
"We thank them for their belief in our next chapter. A special thank you to Ducera Partners who drove this investment process. We will not rest until we deliver on LIV Golf's full potential."
LIV Golf's Chapter 11 petition says the company ‌has between $500m (£370m) and $1bn (£730m) in liabilities, and between $100m (£74m) and $500m in assets.
The filing, made in the Bankruptcy Court for the District of New Jersey, shows multiple LIV players as unsecured creditors, with at least $45m (£33m) still owed to players.
LIV said in its announcement that the PIF will provide an additional $49.6m (£36.6m) in financing, subject to court approval, while Jon Rahm and Bryson DeChambeau were listed as the highest unsecured creditors on the bankruptcy document.
LIV Golf's announcement came just hours after Rahm told reporters he still had a contract that he was "more than willing to fulfil", with the Spaniard still reportedly having more than $100m remaining on the multi-year contract signed at the end of 2023.
Rahm was one of three players to introduced earlier this year, with DeChambeau and Cameron Smith also electing against taking the same pathway back that Brooks Koepka accepted.
All three past major champions are among LIV Golf's largest creditors, with Dustin Johnson understood to be another, while PGA Tour chief executive Brian Rolapp said at the Tour Championship there was no plan to reintroduce the program for next season.
There is still plenty to be determined, but it could leave them all facing a similar journey back to the PGA Tour that Patrick Reed currently faces. The Masters champion is set for a card via finishing inside the top 10 of the DP World Tour's Race to Dubai rankings.
Many of were still active DP World Tour members and could elect to play their next season, although it remains unclear whether players would be able to compete on both circuits - like has been seen in recent years - going forward.
LIV Golf remains hopeful of launching a new iteration of the league in 2027, with events planned in "places like" Australia, South Africa, Mexico, England, Hong Kong and the United States.
Its proposal includes expanding fields to 75 players, with cuts and additional pathways - including Monday qualifiers - added to the events, with more teams embracing national identities.
"I have often said that our role in golf should be to complete, not compete," O'Neil added. "I believe that more strongly today than ever. I know that the next phase of LIV Golf will be an important part of a healthier global golf ecosystem.
"It will create more opportunity for players, bring elite golf to more parts of the world, and give teams and players a real stake in the future they are building.
"Transitions are rarely easy, but they are powerful when you know where you are going. And we do."
Watch the PGA Tour, DP World Tour, majors and more throughout the season live on Your Site Golf. or .
