LIV Golf files for bankruptcy protection

LIV Golf, the once-prominent breakaway golf tour that lured top players away from the PGA, filed for bankruptcy protection on Tuesday at a New Jersey court. The filing suggests the tour aims to restructure and return in a new form, but LIV owes between $500 million and $1 billion to over 1,000 creditors, including notable players like Bryson DeChambeau and Jon Rahm. The future of these players is uncertain, with them having to decide whether to stay with LIV or pursue their owed funds in court.

LIV CEO Scott O Neil expressed optimism about the upcoming "LIV 2.0" iteration, stating that the league intends to return next year with a new ownership model and a reduced schedule. The tour plans to host events across five continents and introduce a cut, making it more accessible for players to earn their way in. BC Partners, a British investment group, is leading the restructuring effort.

The bankruptcy filing was anticipated after LIV cut staff and canceled its season-ending team championship following the loss of Saudi investors. The Public Investment Fund (PIF) is providing a $50 million loan for the bankruptcy and reorganization process. Despite the financial strain, O Neil is working to create an ownership structure that aligns the players' interests with the league's long-term success.