LIV Golf enters landmark Jersey administration

LIV Golf Holdings Ltd and LIV Golf Investments Ltd were placed into administration by the Royal Court of Jersey on 14 September, extending LIV Golf’s US-led restructuring to two Jersey companies within the professional golf league’s corporate structure.

Andy Wood of Teneo Financial Advisory and Alastair Beveridge of AlixPartners were appointed joint administrators of both companies, six days after LIV Golf and its US affiliates commenced Chapter 11 proceedings in New Jersey. The appointments followed the first application for administration under Jersey’s new administration regime.

The cross-border restructuring follows a decision by Saudi Arabia’s Public Investment Fund to stop providing the long-term equity funding on which LIV had depended since its launch. Court filings show PIF-backed entities invested approximately $5 billion in equity before PIF announced in April that it would fund only the remainder of the 2026 season. PIF subsequently provided a secured facility under which approximately $495 million was outstanding when the Chapter 11 cases began.

LIV entered Chapter 11 on 8 September with a restructuring support agreement with BC Partners Credit aimed at preserving the league as a going concern under a revamped “LIV 2.0” model. The proposed transaction contemplates $300 million of financing from BC Partners and other investors, comprising debt and preferred equity.

Under the proposed capital structure, participating players would collectively own 52.5% of the reorganised company, BC Partners and other new investors would hold 45%, and 2.5% would be reserved for management. Players would receive equity in connection with their claims and enter into new agreements with the league, while LIV has sought authority in Chapter 11 to reject its existing multi-year player contracts.

The restructuring is intended to replace a business model that generated substantial losses despite PIF’s investment. LIV reported approximately $5 billion of net operating losses through the end of 2025, including approximately $3 billion at its US business and $2 billion at LIV Golf Ltd.

PIF has agreed to provide $49.6 million of new-money debtor-in-possession financing to fund the Chapter 11 process, subject to court approval, while BC Partners is expected to serve as plan sponsor for the reorganised business. LIV is targeting emergence from Chapter 11 in early 2027.

The Jersey administrations form part of a coordinated international restructuring. The company is also seeking recognition of the US Chapter 11 proceedings in England and Wales to protect the value of its international assets and operations.

Carey Olsen represented LIV Golf Holdings and LIV Golf Investments on the Jersey administration applications, with a dispute resolution and litigation team led by partners Marcus Pallot and Jeremy Lightfoot, supported by counsel Eleanor Davies, associate Rebecca Guéno and trainee Alexander Touzel. Partner Kate Andrews and counsel Rebecca McQuillan provided corporate assistance from the firm’s debt and restructuring team.