LIV Golf paid $15.6 million to seven executives to remain with the league in the months preceding its Sept. 8, 2026, bankruptcy filing, according to documents filed late Thursday in U.S. Bankruptcy Court in New Jersey. The disclosures show CEO Scott O'Neil received a $6.375 million retention payment on June 24, 2026, while Chief Financial Officer David Phillipps and Chief Legal Officer John Ruzich received $3.37 million and $2.6 million, respectively.
The league is undergoing a Chapter 11 restructuring after the Public Investment Fund (PIF) of Saudi Arabia announced it was ending its financial support following the 2026 season. Since launching in June 2022, the PIF had spent more than $5 billion on the league. Under a proposed restructuring plan, a new version of the league titled "LIV 2.0" would be majority-owned by players and backed by up to $300 million from BC Partners Credit.
Court records also detailed payments to players in the year leading up to the filing, including $26 million to Jon Rahm, $13.9 million to Bryson DeChambeau, and $10.7 million to Dustin Johnson. Additionally, former CEO Greg Norman, who departed in January 2025, received a $5.8 million settlement and a $3.6 million bonus in September 2025. The filings identified 129 creditors with unsecured claims, including Canadian-based Mobii Systems Group, which seeks $1 million, and Colorado-based Fresh Tape Media, which is seeking $1.2 million for production services.
The financial disclosures affect professional golfers and sports service vendors who now face restructured contracts and debts. For players considering the "LIV 2.0" model, the transition involves moving from guaranteed bonuses to a majority-ownership stake. Retention payments are a standard practice in corporate bankruptcies to ensure leadership continuity, and the league plans to reduce individual tournament purses from $20 million to approximately $9 million.
The league seeks to emerge from bankruptcy without its primary multi-billion dollar benefactor. The $300 million pledged by BC Partners Credit represents a decrease from the $5 billion previously provided by the PIF. Vendors such as Fresh Tape Media and Mobii Systems, along with other creditors like the American Society of Composers, Authors and Publishers ($178,087) and broadcaster Jerry Foltz ($35,416), are currently listed among those with unsecured claims.
The new model focuses on team-based golf and reduced prize funds. Several players, including Sergio Garcia and Louis Oosthuizen, have already separated from their agreements or signaled an intent to leave. The league intends to emerge from bankruptcy in early 2027 with a schedule of at least 10 tournaments. A bankruptcy court hearing is scheduled for Nov. 5, 2026, where the proposed reorganization and interim financing of $49.6 million from the PIF will be reviewed.