LIV Golf's ongoing Chapter 11 restructuring and pursuit of a "LIV 2.0" relaunch in 2027 underpin the 63.2% implied probability against a 2026 shutdown announcement. After the Public Investment Fund ended funding post-2026 season, the league secured a restructuring support agreement with BC Partners for up to $300 million in financing, including debtor-in-possession support, while shifting to a player-equity ownership model with a leaner 10-event global schedule and expanded fields. Recent court filings show active negotiations with players on new terms amid contract uncertainties and some departures, yet the focus remains on emerging early next year as a going concern rather than liquidating. These developments reflect trader consensus that survival efforts outweigh immediate closure risks in professional golf's competitive landscape.