Home / Sports / LIV Golf Files Bankruptcy, Owes Millions to Stars
LIV Golf Files Bankruptcy, Owes Millions to Stars
9 Sep
Summary
- LIV Golf filed for bankruptcy protection on Tuesday in New Jersey.
- The league estimates assets between $100M-$500M and liabilities of $500M-$1B.
- Star golfers Jon Rahm and Bryson DeChambeau are among creditors owed millions.
Less than five years after its inception, LIV Golf filed for Chapter 11 bankruptcy protection in New Jersey on Tuesday. This filing offers a rare glimpse into the league's finances, estimating assets between $100 million and $500 million against liabilities of $500 million to $1 billion.
Several star golfers are listed as creditors still owed millions. Jon Rahm has the largest claim at $7.5 million, followed by Bryson DeChambeau at $5.7 million, and Dustin Johnson at $5.5 million. These unsecured claims highlight the financial challenges the league has faced.
Bankrolled by the Saudi Public Investment Fund until this year, LIV Golf's bankruptcy filing is not an indication of dissolution. Instead, it's a strategic step towards restructuring and continuing as a competitor to the PGA Tour with a new business plan. CEO Scott O'Neil stated the process aims to address financial obligations and build a stronger, more sustainable future.
LIV intends to continue staging events in popular international destinations like Australia, South Africa, Mexico, Hong Kong, and England, while also seeking to play in the United States. The league's next phase will focus on a sustainable business model, team golf, and player alignment, with support from BC Partners Advisors for restructuring.
