Troubled league LIV Golf files for bankruptcy protection in US
LIV Golf says it intends to restructure its business with a $49.6m bankruptcy loan provided by the Saudi PIF.
Less than five years after it held its first event and created a schism in professional golf, LIV Golf has filed for bankruptcy protection in New Jersey, United States.
The Chapter 11 bankruptcy, or reorganisation bankruptcy, filed on Tuesday, allows the debtor to remain in possession and operate its business, according to US Courts.
The move offers a rare window into the league’s financial state, with LIV Golf owing between $500m and $1bn in estimated liabilities to at least 1,000 creditors, including star players like Bryson DeChambeau and Jon Rahm.
Tour officials have previously pledged that a “2.0” version of the tour will re-emerge under new investors next season, with a shorter schedule and reduced prize money.