LIV Golf files for bankruptcy protection

LIV Golf, the breakaway professional golf tour that invested heavily to attract top players from the PGA Tour, has filed for bankruptcy protection in the United States. The filing, made at a court in New Jersey, shows that the tour owes between $500 million to $1 billion in estimated liabilities to over 1,000 creditors, including notable golfers like Bryson DeChambeau and Jon Rahm.

CEO Scott O'Neil stated that the restructuring process will allow LIV to pursue a "landmark transaction" and begin a new chapter for the tour. LIV plans to return next year with a new format, including an innovative player-first ownership model, but has not yet announced details for the 2027 schedule or individual events. The bankruptcy filing follows LIV's decision to dismiss much of its staff and cancel its season-ending team championship after losing support from Saudi investors.

The Saudi Public Investment Fund, which had provided significant funding to LIV, will contribute a $50 million loan for the bankruptcy and reorganization process. LIV's star players, who have significant unsecured claims against the tour, are now deciding whether to stay with the tour or pursue the money owed to them in court.