LIV Golf has filed for bankruptcy protection in the US after Saudi Arabia withdrew its funding, leaving at least $45m owed to players who are now free to leave.
Key facts
- LIV Golf has filed for bankruptcy protection in the United States.
- At least $45m (£33m) is owed to players, according to the BBC.
- All LIV players now have the option to leave.
- The filing follows Saudi Arabia withdrawing its multibillion dollar funding.
- LIV intends to start its new league early next year.
LIV Golf has filed for bankruptcy protection in the United States as it attempts to restructure its business, according to the BBC. The move comes after Saudi Arabia withdrew the multibillion dollar funding that had underpinned the breakaway golf circuit since its launch.
As a direct result of the filing, all of LIV’s players are now free to leave, the BBC reported. The change removes the contractual ties that had bound many high-profile golfers to the league.
The BBC reported that LIV Golf owes at least $45m (£33m) to its players. Those players will now have the option to depart as the organisation works through its bankruptcy proceedings.
Despite the financial difficulties, LIV Golf intends to start its new league early next year, according to the BBC. The bankruptcy protection process is intended to allow the organisation to restructure while it plans that relaunch.
The withdrawal of Saudi funding marks a significant shift for a venture that had reshaped the professional golf landscape through large financial commitments. The extent of the restructuring and how many players choose to leave remains to be seen based on the information currently available.
Why it matters
LIV Golf's arrival reshaped professional golf through heavy financial backing, so a bankruptcy filing and the loss of Saudi funding could reverse much of that disruption. With players free to leave and millions owed, the future of the breakaway circuit and its planned new league is now in question.
Frequently asked questions
Why did LIV Golf file for bankruptcy protection?
According to the BBC, LIV Golf filed for bankruptcy protection to restructure after Saudi Arabia withdrew its multibillion dollar funding.
How much does LIV Golf owe its players?
The BBC reported that LIV Golf owes at least $45m (£33m) to its players.
Can LIV players leave the league now?
Yes. The BBC reported that the bankruptcy protection filing means all LIV players now have the option to leave.