LIV Golf’s active restructuring process under Chapter 11, paired with a BC Partners-led recapitalization and PIF debtor-in-process financing, underpins the 72.8% implied probability against a 2026 shutdown announcement. After Saudi funding ended post-2026 season, the league executed mass layoffs and filed for protection in early September to preserve operations as a going concern rather than liquidate. Plans for LIV 2.0 target a 2027 return with player-majority ownership, a reduced 10-event global schedule across five continents, expanded 75-player fields, cuts, and Monday qualifiers. Star player retention talks and exit financing commitments further align with trader consensus that the circuit will evolve into a leaner, sustainable format instead of ceasing.