A petition lodged in the United States on Tuesday reveals LIV Golf is seeking bankruptcy protection to restructure its finances following the withdrawal of financial backing from Saudi Arabia.

At least $45m (£33m) remains owed to 14 current and former players who rank among the top 30 unsecured creditors, according to documents submitted with the application.

The league's official statement expressed gratitude to its membership and partners for their support during this period of uncertainty.

Legal filings confirm that contracts under the previous iteration of the competition will terminate as a direct result of the court filing.

Sources indicate that amounts due to players and other creditors will be addressed through the formal court process initiated by the petition.

While the immediate future is unclear, the league intends to launch a new version of its tournament from next year despite the legal action.

BBC Sport understands there is no requirement for athletes to sign agreements with LIV 2.0, regardless of prior multi-year commitments made under the former arrangement.

Sky News reports that discussions are currently underway between the organisation and players regarding their participation in the proposed new iteration or their decision to leave entirely.

The 2026 season concluded prematurely, casting a shadow over the sport's trajectory before the legal proceedings were announced.

It remains unconfirmed when athletes will be permitted to engage with alternative tours following this development.

The total debt figure cited in the petition specifically covers claims from the thirty largest unsecured creditors identified within the organisation.

No obligation exists for players to continue their association with the brand, even those who had previously secured long-term deals.

Uncertainty persists regarding the timeline for any potential reorganisation or the resumption of competitive events under a revised structure.

The case highlights significant financial instability affecting a major professional golf entity in recent months.