LIV Golf, the Saudi-backed league that arrived in professional golf four years ago promising to reshape the sport through wealth and ambition, has filed for Chapter 11 bankruptcy protection in New Jersey — a turn that reveals the limits of capital alone as a foundation for institutional change. The filing allows the league to reorganize rather than dissolve, but it signals that a financial model built on continuous infusions from Saudi Arabia's Public Investment Fund has proven unsustainable. The moment lands at a delicate juncture, as ongoing merger discussions with the PGA Tour now carry the