LIV Golf files for bankruptcy with loan from Saudi Arabia's Public Investment Fund
LIV Golf has filed for Chapter 11 bankruptcy in New Jersey as part of a restructuring plan supported by a $49.6 million loan from Saudi Arabia's Public Investment Fund. The move follows a strategic shift in funding and ongoing uncertainty regarding the circuit's future.
Why it matters
The bankruptcy of a major, well-funded sports entity backed by sovereign wealth highlights the volatility of the professional golf landscape and the challenges of the LIV-PGA rivalry.
LIV Golf has filed for bankruptcy. ( Getty Images: Michael Miller/ISI Photos )
Link copied Share Share article LIV Golf has filed for bankruptcy in New Jersey, saying it intends to restructure its business with a $US49.6 million ($68.7 million) bankruptcy loan provided by the Public Investment Fund (PIF) of Saudi Arabia.
The company has between $US500 million and $US1 billion in liabilities and between $US100 million and $US500 million in assets, according to its Chapter 11 petition.
LIV Golf said the bankruptcy will allow it to move forward with the support of a new backer, BC Partners Advisors LP, and transition to a player-first ownership model.
BC Partners and other potential minority investors are expected to provide exit financing and sponsor the company's debt restructuring, LIV Golf said.
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