LIV Golf filed for Chapter 11 bankruptcy protection on Tuesday, and the hundreds of pages of documents are revealing more about the league’s business model in its early years.

Revenue breakdown

Based on the filings, LIV generated somewhere north of $200M in revenue in 2025. That can be deduced because the filings say sponsorships accounted for nearly half (49%) of the league’s revenue in 2025, a total that was at $102M. The filings say LIV’s sponsorship revenue was at $16M in its second season (2023), and that on a go-forward basis, LIV had secured $300M in long-term sponsorships from 2027-29.

Hosting fees — dues paid by the host city, venue or organization to LIV — accounted for nearly a quarter (22%) of LIV’s revenue in 2025. LIV generated $34M in hosting fees during the 2025 season.

LIV’s third-highest revenue source came from ticketing and hospitality (16%) in the 2025 season. The filings said LIV’s attendance had grown by 31% through June of 2026, year over year. It said ticketing, hospitality and food & beverage revenue grew 43% year over year in the same period.

LIV’s ‘modest’ broadcast rights fees

When LIV Golf signed its U.S. media-rights deal with Fox ahead of the 2025 season, it was reported that the league received a “modest” rights fee from the network. And the bankruptcy filings back that up.

According to the filings, LIV had more than 20 broadcast deals (including Fox) covering 200 territories, and despite that, broadcast revenue made up only 5% of LIV’s total revenue in 2025. For comparison, Golf.com reported recently that the PGA Tour’s TV revenue made up 67% of its core business once its new deals kicked in during the 2022 season. Those deals are valued at roughly $700M per year.

Capital structure

The filings revealed that Saudi Arabia’s PIF owned 98.48% of LIV, while Performance54 Group, also owned by PIF, owned 1.05%. It also attributes a 0.23% stake to the “former CEO of LIV Golf,” Greg Norman, as well as the same amount “to a current player.”

LIV’s staffing

As of Tuesday, the filing said LIV had 41 full- or part-time employees. Approximately 22 of those are located in the U.S., while the other 19 are in the U.K. The filing stated that LIV terminated approximately 289 employees and furloughed another 22.

Investor search

The filings outline the process Ducera Partners went through in seeking a new investor for LIV Golf. In May, Ducera launched an outreach to more than 300 potential investors. Of that outreach, 104 potential investors responded and signed NDAs. Of those 104, approximately 30 engaged in detailed diligence, and ultimately, five leading prospects were identified (along with potential minority investors).

Each of those prospects were asked to submit bids by July 22. LIV eventually signed its agreement with BC Partners.

Speaking of BC Partners

According to BC Partners’ term sheet for LIV, it is investing a total of $300M in “LIV Holdco.” That $300M comprises a $127.5M term loan, $147.5M in senior preferred equity and $25M in a subordinated convertible preferred equity.

Also according to the term sheet, players agreeing to play in LIV 2.0 would receive amended contracts, including signing bonuses, return of certain NIL rights and, on average, aggregate player ownership of around 30% in the league’s teams.

Under the agreement, the new investor would own 45% of “LIV Holdco,” players would own 52.50%, and “management” would own 2.50%.

BC Partners also holds the right to purchase one expansion team of LIV 2.0, or any successor league, for $1, for 10 years following the closing of the transaction.