LIV was launched in 2022 with the backing of Saudi Arabia's Public Investment Fund (PIF), which has committed billions of dollars to player contracts and tournament purses.
However, the PIF has decided against providing additional financing following the conclusion of the current season, leaving LIV searching for alternative sources of funding.
To prepare for a new wave of outside investors, the league has approached players about restructuring or eliminating the substantial guaranteed payments owed to them beyond 2026, offering what The Times reports are significantly reduced settlements.
LIV has also sought financial backing from private equity firm BC Partners. Representatives from the firm attended recent tournaments in Indiana and New Jersey as part of efforts to put together a rescue package, but the proposal is heavily dependent on players agreeing to reduced payments.
That could prove difficult, particularly with LIV golfers facing growing uncertainty over their ability to compete across different tours.
The DP World Tour has warned that players could face fines or suspensions for appearing in LIV events that clash with its tournaments.
Jon Rahm has admitted he is not yet certain about his future plans after after LIV Golf filed for bankruptcy protection last week, saying he has to get through a "long legal process".
LIV Golf and its affiliates revealed that it has entered into bankruptcy voluntarily after filing for Chapter 11 protection in the United States.
Former LIV Golf chief executive Greg Norman has admitted he is saddened by the breakaway series' current state, going as far as to say he would "rather see it end" than watch it continue to decline.
Embattled LIV Golf CEO Scott O'Neil is backing the firebrand league to continue as it looks to overcome significant financial hurdles.
