LIV Golf: Players Free to Leave after Bankruptcy Protection Filing
BBC Sport
Overview
LIV Golf has filed for bankruptcy protection, allowing its players to leave freely as it restructures following Saudi Arabia’s withdrawal of funding.
Key Points
- Bankruptcy Petition: LIV Golf filed a Chapter 11 petition in the United States on Tuesday to "preserve the company’s business."
- Funding Change: This follows Saudi Arabia’s Public Investment Fund (PIF) withdrawing its multibillion-dollar investment in April.
- New Investor: LIV has found a new investor, BC Partners.
- Player Contracts: The bankruptcy process will address amounts owed to players and other creditors; however, players are free to discuss participation in the future league with no contract obligations.
- Future Uncertainty: Since its launch in 2021, LIV Golf spent over $5bn, attracting star players like Jon Rahm and Bryson DeChambeau. The future of the concept remains uncertain.
Quotes
"There’s just a lot of things in place, right? There’s a lot of things that could happen and it’s one of those things where time will tell." – Jon Rahm on his future with LIV Golf.
Recent Developments
- LIV Golf Chief’s Confidence: At the final event in Indianapolis, CEO Scott O’Neil expressed high confidence in achieving a "critical mass" of players for the new league.
- Player Reactions: Bryson DeChambeau expressed optimism about the future, believing there was "something fun coming."
Legal Filing
The bankruptcy filing was made in the federal district court of New Jersey, where LIV Golf established a subsidiary earlier this summer.
