Troubled league LIV Golf files for bankruptcy protection in US

What the report says

LIV Golf has filed for Chapter 11 bankruptcy protection in New Jersey, a move reported by Al Jazeera as part of a court-supervised restructuring rather than a shutdown. The filing, made on Tuesday, allows the league to keep operating while it works through its debts and seeks a new business plan.

According to the article, the league said it will use a $49.6 million bankruptcy loan from Saudi Arabia’s Public Investment Fund, which had previously backed LIV’s launch and expansion. The report says the filing exposed substantial liabilities, with estimated debts ranging from $500 million to $1 billion and claims from at least 1,000 creditors, including several prominent golfers.

Al Jazeera reported that some of the biggest unsecured claims are tied to players such as Jon Rahm, Bryson DeChambeau, Dustin Johnson, Cameron Smith, Tyrrell Hatton and Brooks Koepka. The league also recently cut much of its staff and cancelled its season-ending team championship, events that appeared to foreshadow the filing.

LIV’s chief executive said the restructuring is meant to support a new phase for the tour, with continued events in selected international markets and in the United States. The article says the league is also working with British investment group BC Partners. The development matters because LIV has been a major disruptor in men’s professional golf, and its financial reset could affect players, investors and the broader competition with the PGA Tour.