LIV Golf in financial turmoil: what's next for the sport?
Six months after Saudi Arabia pulled funding from the breakaway organization, LIV Golf have filed for bankruptcy protection. Several of the world's best players signed on to LIV, so where does that leave golf?
The breakaway golf tour LIV Golf filed for bankruptcy protection in the US on Tuesday, marking a significant setback for the ambitious venture. Founded in 2021 with substantial investment and top talent, LIV aimed to challenge the PGA Tour. However, the sudden withdrawal of funding from Saudi Arabia's Public Investment Fund (PIF) in April proved to be a critical blow.
LIV was supported by BC Partners, a British investment firm, in this restructuring process. The company faces an estimated liability of $500 million to $1 billion among at least 1,000 creditors, including top players like Bryson DeChambeau, Jon Rahm, and Dustin Johnson. Despite the challenges, LIV intends to adopt a player-first ownership model, though no specific schedule for 2027 has been announced.
Most staff were laid off earlier this year, and the sudden PIF withdrawal is the primary reason for the financial turmoil. While LIV aims to remain competitive, the absence of key players and the failure to disrupt the established PGA Tour may make survival challenging. The uncertainty surrounding Saudi funding and its commitment to host the 2029 Asian Winter Games also highlights the changing landscape of sports investment in the region.
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