League seeks new investors, scales back to survive
Fate of stars Jon Rahm, Bryson DeChambeau unclear
LIV Golf, facing a potential shutdown after Saudi Arabia's Public Investment Fund cut off its financial support, has filed for bankruptcy protection in a US court.
Bloomberg, Reuters, AP and AFP reported on Wednesday (Korean Standard Time) that LIV Golf filed for bankruptcy protection under Chapter 11 of the US Bankruptcy Code. The filing was made in a New Jersey court. Chapter 11 allows a company to continue operating while restructuring its debts and pursuing recovery.
LIV Golf carries debt exceeding $500 million. The filing had been expected since PIF abruptly halted funding following the conclusion of the 2026 season's final event. LIV Golf said it has agreed to a restructuring plan under which private equity fund BC Partners would serve as its main source of funding.
LIV Golf CEO Scott O'Neil said in a statement posted on the league's official website and in a press release that "this process will provide the framework and time necessary to pursue a significant transaction and begin a new chapter for LIV Golf."
Even if LIV Golf secures new investors and continues to operate, the league is expected to look dramatically smaller than it did at its launch in June 2022. When it started, LIV Golf paid large signing bonuses to lure top PGA Tour players and poured vast sums into the venture. Before PIF announced in April that it would halt funding, the total amount invested had surpassed $5 billion — 10 times the size of the league's current debt.
The fate of the marquee players still with LIV Golf remains undecided. Attention is particularly focused on the next moves of Jon Rahm and Bryson DeChambeau.
In its court filing, LIV Golf reported estimated assets of $100 million to $500 million and liabilities of $500 million to $1 billion.
yjc@heraldcorp.com
