LIV Golf files for bankruptcy

Formerly supported by Saudi Arabia’s Public Investment Fund, LIV Golf filed for Chapter 11 bankruptcy protection on Tuesday. A number of prominent athletes who owe millions of dollars are listed in the file.

LIV said on Tuesday that it had achieved a restructuring agreement with BC Partner Advisors LP in order to «preserve the company as a going concern through an innovative, player-centric ownership model.» The announcement was seen as a «strategic move to secure its next era.»

The players, with whom LIV claims to be in advanced negotiations, are anticipated to own the majority of the reformed business.

Between $500 million and $1 billion. That is the amount of liabilities LIV has declared, involving up to 5,000 creditors.

Jon Rahm is owed $7.4 million—the highest figure among all creditors—according to USA Today, which reported that 27 individuals on the list are owed a combined total of $64.2 million.

The list also includes:

Bryson DeChambeau: $5.8 million

Dustin Johnson: $5.5 million

Cameron Smith: $4.8 million

Adrian Meronk: $4.4 million

Tyrrell Hatton: $3.4 million

LIV is disputing the claims made by DeChambeau and Johnson, USA Today noted.

Following a multibillion-dollar investment from Saudi Arabia’s Public Investment Fund, LIV was established in 2022. Allegations that the league was attempting to buy its way into the world of golf, a sport that has historically been dominated in the US by the PGA Tour, caused controversy and condemnation.

LIV was able to entice players away from the PGA Tour with to its enormous financial support. According to reports, Rahm’s contract alone was worth over $350 million.

Although the league temporarily established a window that allowed some elite players to rejoin, players who joined LIV were prohibited from participating in PGA Tour tournaments.