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LIV Golf Files for Chapter 11 Bankruptcy Protection Amid Restructuring Efforts

morning · · thread: LIV Golf Files for Chapter 11 Bankruptcy Protection Amid Restructuring Efforts

9 sources across 6 countries

Who reported this

  • The Guardian United Kingdom · Centre-left · Scott Trust Limited
  • BBC News United Kingdom · Centre · Public · Licence fee, royal charter
  • Reuters United Kingdom · Centre · Thomson Reuters Corporation
  • CNN United States · Centre-left · Warner Bros. Discovery
  • Al-Monitor United States · Centre · Jamal Daniel
  • La Nacion Argentina · Centre-right · Saguier family
  • La Tercera Chile · Centre-right · Copesa (Saieh family)
  • The Japan Times Japan · Centre · News2u Holdings
  • The Korea Herald South Korea · Centre-right · Herald Corporation (Yeongpoong Group)

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LIV Golf filed for Chapter 11 bankruptcy protection in a New Jersey federal court on Tuesday. The move follows the decision by Saudi Arabia's Public Investment Fund (PIF) to withdraw its multibillion dollar funding in April. Court documents indicate that LIV Golf has estimated liabilities between $500 million and $1 billion, while its assets are estimated between $100 million and $500 million. The filing lists at least 1,000 creditors, including several star players. Jon Rahm holds the largest unsecured claim at approximately $7.5 million, followed by Bryson DeChambeau, Dustin Johnson, and Cameron Smith. In total, 14 players are among the top 30 creditors, with over $45 million owed to them.

CEO Scott O'Neil stated that the bankruptcy process provides the structure and time to pursue a landmark transaction and begin a new chapter for the league. LIV Golf intends to return as "LIV Golf 2.0" as early as 2027. This proposed version would feature a player first ownership model where players could become majority owners. Proposed changes to the format include expanding the field from 57 to 75 players, introducing a 54 hole cut, and adding Monday qualifiers. The league also plans to maintain a global presence in markets such as Australia, South Africa, and Asia. To facilitate the reorganization, the PIF has agreed to provide $49.6 million in debtor in possession financing, subject to court approval. BC Partners has been identified as a primary source of capital for the restructuring plan.

The future of the league's star players remains uncertain. While some reports suggest that previous contracts may be voided by the filing, allowing players to leave, LIV officials say they are in advanced discussions with golfers regarding the new ownership structure. The PGA Tour has stated it currently has no plans to offer a pathway back for LIV players, although Brooks Koepka previously rejoined under specific penalties. Jon Rahm told reporters that he is willing to fulfill his contract with LIV 1.0 but noted that time will tell regarding his future.

How each side framed it

Centre-left
These outlets highlighted the bitter divisions within the sport and described the new version of the league as a shell of its former self.
Centre
These outlets focused on the financial specifics of the bankruptcy and the logistical details of the proposed restructuring.
Centre-right
These outlets emphasized the potential for a radical change in ownership and the resilience of the league's leadership.

Sources

100% of the statements in this article were traced back to the source articles listed above.