LIV Golf, the breakaway tour that spent billions luring stars from the PGA Tour, has filed for Chapter 11 bankruptcy protection in the US after losing the backing of its Saudi investors, with a restructuring that could hand majority ownership to its players.
Key facts
- LIV Golf filed for Chapter 11 bankruptcy protection in the US, announced Tuesday.
- Under the proposed deal, the league is expected to be majority owned by its players.
- Saudi investors stopped backing LIV earlier this year.
- LIV still intends to launch a new version of the league from 2027.
- Players including Jon Rahm and Bryson DeChambeau may still be involved.
Professional men’s golf league LIV Golf has filed for bankruptcy protection in the United States, the league announced on Tuesday. According to Sky News, the filing places the upstart golf venture under formal protection as it seeks to restructure its finances.
CNBC reported that the filing is a Chapter 11 bankruptcy. As part of the proposed bankruptcy deal, the golf venture is expected to be majority owned by its players, marking a significant shift in how the league would be structured going forward.
The move follows a turbulent period for the tour. According to the Guardian, LIV Golf spent billions luring top players away from the PGA Tour after launching in 2022, causing shockwaves and bitter divisions in the golf world. The tour lost the backing of its deep-pocketed Saudi investors this year, prompting a scramble to stay afloat.
Despite the financial difficulties, the league is not folding. Sky Sports reported that LIV Golf still intends to launch a new version of the league from next year, framing the filing as part of an effort to “begin the next chapter.”
The future of the tour’s players remains uncertain, according to Sky Sports. The Guardian reported that stars such as Jon Rahm and Bryson DeChambeau may still be involved as the league moves toward its planned 2027 relaunch.
The combination of lost Saudi financing and a proposed player-led ownership model represents a dramatic reversal for a tour that had once positioned itself as a free-spending challenger to established professional golf.
Why it matters
LIV Golf's bankruptcy marks a striking turn for a tour that reshaped professional golf by luring stars with huge sums of money. The proposed shift to player majority ownership and the loss of Saudi backing raise questions about the league's long-term viability and the futures of the players who joined it.
Frequently asked questions
Is LIV Golf shutting down?
No. Despite filing for bankruptcy protection, Sky Sports reported that LIV Golf still intends to launch a new version of the league from next year.
Who will own LIV Golf under the proposed deal?
According to CNBC, as part of the proposed bankruptcy deal the league is expected to be majority owned by its players.
Why did LIV Golf file for bankruptcy?
The Guardian reported that LIV lost the backing of its Saudi investors this year, prompting a scramble to stay afloat after spending billions to attract top players since its 2022 launch.