LIV Golf has filed for bankruptcy protection as it attempts to restructure after Saudi Arabia withdrew its multibillion-dollar funding - a move that means all its players are free to leave.

LIV Golf filed for Chapter 11 bankruptcy protection Tuesday in New Jersey with more than $500 million in debt, part of its goal to revive the league without Saudi funding.

“This process gives us the structure and time to pursue a landmark transaction and begin the next chapter of LIV Golf – one built around the fans, an innovative, player-first ownership model, and a pa...