LIV Golf files for Chapter 11 bankruptcy
LIV Golf has filed for Chapter 11 bankruptcy in the United States to restructure its business model toward a player-first ownership structure. The move effectively grants free agency to all golfers on the tour, following the withdrawal of funding from Saudi Arabia's Public Investment Fund.
Why it matters
This bankruptcy marks a significant shift in the professional golf landscape, potentially disrupting the sport's global ecosystem and the contracts of high-profile athletes.
To transition to what the breakaway golf league is calling “an innovative player-first ownership model,” LIV GOLF filed for Chapter 11 in the United States Bankruptcy Court for the District of New Jersey on Tuesday. “This process gives us the structure and time to pursue a landmark transaction and begin the next chapter of LIV Golf – one built around the fans, an innovative, player-first ownership model, and a part of the global golf ecosystem,” LIV Golf CEO Scott O’Neill said in a statement. “We are excited about what lies ahead and yet, there is still much to accomplish in the months ahead. We believe deeply in LIV Golf’s future, the opportunity in front of us, and the people who will help us realize it.
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