LIV Golf files for bankruptcy, with post-Saudi future uncertain

LIV Golf, a Saudi-backed golf league, filed for bankruptcy protection on Tuesday, marking a significant downfall for the ambitious venture that aimed to compete with the PGA Tour. The league, which launched in 2022 with high-profile contracts and a focus on rapid play and spectacle, was supported financially by the Saudi Public Investment Fund (PIF).

PIF, however, halted its funding earlier this year as part of a strategic shift towards more profitable investments in sports. LIV attempted to secure new funding but has been unable to do so, leading to its current financial predicament.

Despite the setback, the league remains committed to advancing. It is in discussions with players to regain control of the business. Additionally, there are plans for exit financing to restructure the company once it leaves Chapter 11 bankruptcy. PIF has agreed to provide $49.6 million in debtor-in-possession financing to help LIV continue operations during this reorganization process.

The league is also exploring exit strategies, including potential ownership offers to retain some of the top players who have since returned to the PGA Tour. While some golfers have remained loyal to LIV, hoping for financial compensation and future stakes in the league, the league's future sustainability remains uncertain without continued financial support.