LIV Golf Restructuring: Court Documents Detail Executive and Player Payments

LIV Golf's Financial Overhaul

LIV Golf, the professional golf league, is undergoing a significant financial restructuring following its Chapter 11 bankruptcy filing in September 2025. This move came after Saudi Arabia's Public Investment Fund (PIF) indicated it would cease its financial backing.

Recent court documents, submitted to the U.S. Bankruptcy Court in New Jersey, have shed light on the league's financial operations leading up to this filing, revealing substantial payments to both executives and players.

The league is now working towards emerging from bankruptcy with new financial support, aiming to redefine its operational model without the extensive funding previously provided by the PIF, which had invested over US$5 billion since LIV's inception in June 2022.

Executive Retention and Bonuses

A critical aspect of the court disclosures details retention payments made to seven LIV Golf executives totalling US$15.6 million. These payments were issued in the months preceding the bankruptcy filing. CEO Scott O’Neil received a notable US$6.375 million on 24 June 2025.

Other key executives also received substantial amounts, including Chief Financial Officer David Phillipps, who was paid US$3.37 million on the same date, and Chief Legal Officer John Ruzich, who received US$2.6 million. Furthermore, O’Neil was awarded an additional US$2.7 million bonus on 13 February 2025. These compensations were reportedly made to ensure leadership stability during the league's financial challenges.

Player Compensation and Departures

The court documents also revealed considerable payments to players. Jon Rahm received US$26 million in the year leading up to the 8 September 2025 bankruptcy filing. Other significant player compensations included nearly US$13.9 million to Bryson DeChambeau, US$10.7 million to Dustin Johnson, and approximately US$2.5 million each to Cameron Smith and Bubba Watson.

Despite these payments, several prominent players, including Rahm himself, Sergio Garcia, Louis Oosthuizen, Adrian Meronk, and David Puig, have either ended their agreements with LIV Golf or indicated their intention to leave.

Additionally, former LIV CEO Greg Norman received a US$5.8 million settlement and a US$3.6 million bonus on 26 September 2025, after departing his role in January 2025.

“LIV 2.0” and Future Plans

LIV Golf is pursuing a “LIV 2.0” model, backed by up to US$300 million in financing from BC Partners Credit, as it seeks to exit bankruptcy. This new iteration aims to feature at least ten tournaments with revised prize funds of approximately US$9 million per event, a reduction from the previous individual purses of US$20 million, and a continued emphasis on team-based golf.

Player commitment remains crucial for the success of this new phase. BC Partners Credit had initially set a deadline of today, 25 October 2026, for players to confirm their participation in LIV 2.0, though this deadline may be extended under an amended restructuring agreement. A hearing in the bankruptcy court is scheduled for 5 November 2026 to address the ongoing proceedings.

Implications for Global Golf and Asia

The financial restructuring of LIV Golf and its proposed “LIV 2.0” model carry implications for the global golf landscape. The shift to lower prize funds and a renewed focus on team golf could influence player decisions regarding tour affiliations, potentially affecting the competitive balance across professional circuits.

For Asian golf, while no direct immediate impact is specified, the stability of a global tour like LIV Golf can influence the availability of top-tier players for events in the region and the overall ecosystem of professional golf.

Should LIV 2.0 stabilise, it could continue to seek venues in Asia, as it has done previously in Singapore and Thailand, maintaining a demand for high-calibre courses. Conversely, if player departures continue, it might free up talent for other tours, including the Asian Tour, potentially strengthening their fields. The outcome of the 5 November 2026 court hearing will provide further clarity on LIV's future trajectory.