Sept 8 (Reuters) - Professional ⁠men's golf league LIV Golf filed for Chapter 11 bankruptcy in New ⁠Jersey on Tuesday, saying it intended to restructure its business with ‌a $49.6 million bankruptcy loan provided by the Public Investment Fund of Saudi Arabia.

The company has between $500 million and $1 billion in liabilities, and between $100 million and $500 million in assets, according to its Chapter 11 petition.

LIV Golf ​said the bankruptcy will allow it to go ⁠forward with the support of a ⁠new backer, BC Partners Advisors L.P., and transition to a player-first ownership model. ⁠BC ‌Partners and other potential minority investors are expected to provide exit financing and sponsor the company's debt restructuring, LIV Golf said.

LIV has been preparing ⁠for its next iteration ever since the PIF said in ​April that further investment ‌in the rebel circuit no longer aligned with its strategy and that ⁠it would cut ​funding at the close of the 2026 season. PIF owns 100% of LIV Golf's equity, according to its bankruptcy petition.

The PIF has invested more than $5 billion in LIV Golf ⁠since its launch in 2022 and the breakaway circuit ​used massive signing bonuses to poach big-name players from the PGA Tour like Bryson DeChambeau, Jon Rahm and Dustin Johnson.

Rahm, DeChambeau and Johnson are the company's top three ⁠unsecured creditors, according to the petition. Each is owed more than $5 million.

LIV Golf said that bankruptcy is meant to keep the league in business while transitioning to an innovative player-first ownership model. The company hopes to exit from bankruptcy by early ​2027.

"We believe deeply in LIV Golf’s future, the opportunity ⁠in front of us, and the people who will help us realize it," LIV ​Golf CEO Scott O'Neil said in a statement.

The professional ‌men's golf league laid off most of ​its workforce in August, while it worked to secure new funding.

(Reporting by Mrinmay Dey in Mexico City; Editing by Shailesh Kuber and Deepa Babington)