LIV Golf files its wind-down plan and targets a January liquidation

LIV Golf filed its Chapter 11 plan with the New Jersey bankruptcy court on Tuesday, setting out how the Saudi-funded league will be liquidated. The Associated Press and Front Office Sports both covered the filing, and the disclosure statement is posted on the case docket.

What the plan does

If Judge Michael Kaplan confirms the plan at a Jan. 7 hearing, LIV's remaining assets and liabilities move into a wind-down trust. A trustee chosen by the Public Investment Fund would run it, handling creditor payments, outstanding claims and the company's leftover legal work. The trust can last up to five years after the plan takes effect, or longer with the court's approval. FOS says a hearing on the disclosure statement is set for Nov. 24.

The filing says LIV took this route after LIV 2.0 fell apart for lack of player participation and BC Partners ended its restructuring agreement. The league announced the wind-down on Nov. 5.

Who gets paid

The PIF is first in line. According to FOS, the $495 million the fund gave LIV to finish the 2026 season came as a secured loan. The PIF also put up $49.6 million in debtor-in-possession financing to pay for the bankruptcy, and the filing shows that facility was later increased by $4 million.

Unsecured creditors are in a much weaker spot. FOS reports that players, contractors and vendors sit in one class with more than $100 million in claims, while the PIF has funded a recovery pool of just $2 million. The unsecured creditors committee plans to push for more, but experts FOS spoke with doubt the pool grows. If that class votes against the plan, the judge can still approve it if he finds it fair and equitable to them.

Why it matters

LIV spent more than $5 billion of PIF money after launching in 2022, per FOS, and it helped make team golf a mainstream format. With the league headed for liquidation, TGL and WTGL are the main team-golf products left, and LIV's players are sorting out where they play in 2027.

What to watch

The Nov. 24 disclosure hearing comes first, then creditor voting ahead of Jan. 7. Watch for objections from the unsecured committee and whether any outside bidder steps in for LIV's assets before confirmation.