LIV Golf has filed for Chapter 11 bankruptcy protection. The Saudi Arabia-backed league filed in New Jersey on September 8.

Court filings show debts of at least $500 million. Total debts could reach as much as $1 billion.

LIV's assets range between $100 million and $500 million. LIV Golf owes players at least $45 million or £33 million.

This includes millions owed to LIV's top players. Players will now have the option to leave.

This option is part of the bankruptcy process. Saudi Arabia's Public Investment Fund stopped funding LIV earlier this year.

That was less than five years after LIV launched in 2022. The fund agreed to give $49.6 million in temporary funding.

LIV confirmed a preliminary deal with investment firm BC Partners. The deal would fund a new league called LIV 2.0.

Players are expected to become majority owners under the plan. LIV hopes to relaunch in 2027 with a smaller schedule.