LIV Golf Files for Chapter 11 Bankruptcy Protection Amid Financial Issues
LIV Golf has filed for Chapter 11 bankruptcy protection in New Jersey, reporting liabilities between $500 million and $1 billion owed to at least 1,000 creditors. The organization, which features prominent players, is facing significant financial turmoil after failing to stabilize its operations.
Sources
LIV Golf has filed for Chapter 11 bankruptcy protection in New Jersey, owing between $500 million and $1 billion to at least 1,000 creditors, with prominent players like Jon Rahm ($7.5 million) and Bryson DeChambeau ($5.7 million) among those owed money. The Saudi Arabia Public Investment Fund (PIF), which previously invested approximately $5 billion into LIV, will provide a nearly $50 million loan for the reorganization process. LIV intends to restructure and continue its operations with a new business model, planning to host events in popular international locations while focusing on team-based competition.
LIV Golf, a breakaway tour backed by Saudi Arabia's Public Investment Fund (PIF), has filed for bankruptcy protection, citing estimated liabilities between $500 million and $1 billion to at least 1,000 creditors. The PIF, which previously invested around $5 billion, withdrew its support in April, prompting LIV to seek new backing from British investment firm BC Partners. While trying to implement a "player-first ownership model," the future remains uncertain for LIV's players, many of whom were suspended from the PGA Tour upon joining LIV.