People familiar with the plans, who aren't authorized to discuss them publicly, said LIV is aiming to file as early as next week. They said Chapter 11 would be used to execute a transaction that places the league under player control. A LIV spokesperson declined to comment on the timing of any filing, but said such a step could usher in the next phase by addressing current obligations through the U.S. legal system. The league offered no comment regarding possible minority investors.
Under the envisioned structure, players would own most of the league, the spokesperson said. Bloomberg News previously reported that LIV may have secured a potential lifeline from the credit arm of BC Partners, and the Financial Times earlier reported on the expected timing of a possible filing.
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The league's future has been uncertain since the Public Investment Fund withdrew backing earlier this year, prompting a months-long hunt for capital. If a Chapter 11 filing comes next week, it could reshape control of the league and clarify how outstanding commitments are handled. In a short span, LIV upended pro golf by enticing stars from the PGA Tour with massive contracts, and the PIF's tab for that approach has been estimated at $5 billion. The PIF would not comment.
