HOLE IN NONE: Ailing LIV’s existence changed golf and made players richer than ever before
LIV Golf arrived like an explosion in the golfing world, created havoc by disrupting the old order, but it fizzled out into a facsimile of its grandiose hype that was never underpinned by more than a whim.
LIV Golf, a Saudi-backed league, made waves in the golfing world with its promise of "golf, but louder". However, the league's grandiose hype was never backed by significant resources and ultimately fizzled out. Despite the league receiving close to $6-billion over five years, it struggled to generate a TV audience, leaving it with limited market appeal.
With a $49.6-million loan from the PIF and $500-million to $1-billion in liabilities against assets of $100-million to $500-million, LIV filed for Chapter 11 bankruptcy on September 8. The league's CEO, Scott O'Neil, has continued to fight for its survival, proposing a new ownership model with private equity firm BC Partners. However, the league's prospects are bleak as it relies heavily on marquee players, Jon Rahm and Bryson DeChambeau, who are also its largest creditors.
LIV's CEO initially claimed the league would stay afloat, but the bankruptcy filing suggests the safety net of the PIF ran out. With only $15-million in the bank, LIV's broadcast rights only account for 5% of its revenue, unlike the PGA Tour where 67% of revenue comes from broadcast income. The future of LIV Golf remains uncertain, and its existence is now a mere facsimile of its grandiose hype.
Written by urgent.news from Daily Maverick's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
