LIV Golf files for bankruptcy protection as it tries to survive in a smaller version
LIV Golf has filed for bankruptcy protection following the withdrawal of financial support from Saudi Arabia's Public Investment Fund. The organization plans to restructure into a smaller, player-owned entity with a reduced schedule.
Why it matters
This marks the collapse of a major disruptor in professional sports that had previously challenged the PGA Tour's dominance.
The move was widely expected after the Public Investment Fund of Saudi Arabia abruptly ended its financial support this year. The final event was last month in Indiana. Four vendors already have filed lawsuits because they have not been paid.
LIV said it has agreed to a restructuring plan with BC Partners as the primary source of its capital.
"This process gives us the structure and time to pursue a landmark transaction and begin the next chapter of LIV Golf," CEO Scott O'Neil said in a news release.
O'Neil has said "LIV Golf 2.0" would feature players as majority owners in a reduced schedule. In a letter to LIV Golf fans, O'Neil said the new look would expand the size of the field from 57 to 75 players and introduce a 54-hole cut for the first time. There also would be Monday qualifiers.
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