LIV Golf seeks bankruptcy protection with up to US$1b in debts owed to players
LOS ANGELES, Sept 9 — LIV Golf, the breakaway tour that spent billions of dollars luring top players away from the...
LIV Golf, the breakaway golf tour that spent billions on enticing top players from the PGA, filed for bankruptcy protection on September 9. The filing in a New Jersey court reveals the tour owes between US$500 million and US$1 billion in estimated liabilities to over 1,000 creditors, including popular players like Bryson DeChambeau and Jon Rahm.
CEO Scott O'Neil stated that the restructuring process will allow LIV Golf to pursue a "landmark transaction" and begin its "next chapter." However, the future of these popular players is uncertain, as they may have to decide whether to stay with the new LIV Golf or leave to pursue the owed money in court. The Middle Eastern fund that backed LIV earlier, the Public Investment Fund (PIF), will provide a loan worth nearly US$50 million for the bankruptcy and reorganization process.
Top players Rahm, DeChambeau, and Dustin Johnson hold the largest unsecured claims against the tour, with more than US$5 million each in past-due payments. Despite the filing, LIV remains committed to returning next year with a new "player-first ownership model" and plans to host tournaments across five continents.
Written by urgent.news from Malay Mail's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
