LIV Golf files for bankruptcy as new plans come up after Saudi Arabia stops funding
LIV Golf has filed for bankruptcy after Saudi Arabia stopped its funding, and it looks like the league might be coming to an end. The league started in 2022 as a new rival to the PGA Tour, aiming to bring a fresh, modern vibe to golf. Backed by Saudi Arabia’s Public Investment Fund, over £3.7 billion was spent, attracting big stars like Bryson DeChambeau and Jon Rahm to join.
But in April, it was confirmed that the Public Investment Fund would no longer support LIV Golf financially. A few months later, the league announced it was “scaling back operations.” After some staff were let go, LIV filed for Chapter 11 bankruptcy protection in the U.S. on Tuesday. They say this move will help “preserve the company’s business” and let the league continue with a brand new approach.
According to the BBC, all players will have the chance to leave since their contracts under the old LIV Golf setup will expire. So, no one is forced to stay. CEO Scott O’Neil said they are “urgently talking to people who are interested,” and it seems like the plan is to create a new player-owned league starting early next year. Even players with multi-year deals don’t have to keep playing for LIV, as contracts will end soon and payments owed will be handled through the court. It’s still unclear how fast players can rejoin other tours like the PGA.
Before all this news, Jon Rahm said, “I still have a contract with LIV 1.0 that I’m willing to fulfill, so time will tell.” Bryson DeChambeau also said he sees “a lot of potential moving forward.” While the Public Investment Fund won’t be pouring money into star players or prize money anymore, it is reportedly giving a £36.6 million loan to help with the bankruptcy process.
The bankruptcy was filed in New Jersey’s federal court, and Chapter 11 gives LIV time to reorganize or sell parts of the company in the U.S. A letter to fans announced that BCC Partners is the new investor for the next phase, focusing on a “sustainable business model.”
Looking ahead, players will get equity and freedom to make their own deals. Prize money will be higher than the DP World Tour but less than the PGA Tour. O’Neil said this process gives LIV the chance to “pursue a landmark deal and start a new chapter—one built around the fans, a player-first ownership model, and being part of the global golf scene.”