LIV Golf, the Saudi-backed breakaway tour that upended professional golf in 2022, filed for Chapter 11 bankruptcy protection Tuesday in the U.S. Bankruptcy Court for the District of New Jersey, listing more than $500 million in total debt — with its own marquee players among the largest creditors owed money.

Court filings show Jon Rahm is owed roughly $7.47 million, Bryson DeChambeau $5.77 million, Dustin Johnson $5.49 million, Cameron Smith $4.84 million and Adrian Meronk $4.44 million, according to ESPN. Tyrrell Hatton, Brooks Koepka and Joaquin Niemann also rank among the tour's 30 largest unsecured creditors.

The filing comes after Saudi Arabia's Public Investment Fund, which bankrolled LIV's nine-figure player contracts and season purses since launch, pulled its funding for the current season. PIF has now agreed to provide $49.6 million in debtor-in-possession financing to keep the league operating through the restructuring, CNN reported.

"THIS PROCESS IS DESIGNED TO BUILD A STRONGER AND MORE SUSTAINABLE FUTURE FOR LIV GOLF."

— LIV Golf CEO Scott O'Neil, in a statement announcing the filing

Under the proposed restructuring plan, majority ownership of the league would shift to the players themselves, with London-based BC Partners Credit positioned to help finance a relaunch targeted for the 2027 season, according to Heavy.com's review of the filing. Rahm, DeChambeau and other marquee signings would reportedly be free to leave the league under the plan — a striking reversal for a tour that lured them away from the PGA Tour with contracts often worth hundreds of millions of dollars.

LIV launched in 2022 with backing from Saudi Arabia's sovereign wealth fund, fracturing men's professional golf and triggering lawsuits, a since-abandoned PGA Tour merger framework, and years of infighting over prize money, media rights and where the sport's biggest stars would actually play. The bankruptcy filing marks the clearest sign yet that the experiment, at least in its original form, has run out of runway.

The bankruptcy court must still approve both the debtor-in-possession financing and any eventual reorganization plan. Yahoo Sports reported that a hearing on interim financing was expected within days of the filing.

What's next: creditors — including the players themselves — will have a say in how the reorganization unfolds, with a players'-ownership relaunch targeted for 2027 contingent on court approval and on whether BC Partners Credit's financing materializes.