LIV Golf, the league that revolutionized the sport with billions and created divisions, officially filed for bankruptcy on Tuesday – a bombshell that shook the golf world to its core. The application to a court in New Jersey signals a willingness to restructure and return in a new form, after LIV had already lost its financially powerful Saudi investors earlier this year.
The documents, however, paint a grim picture: LIV owes between $500 million and $1 billion in estimated liabilities to at least 1,000 creditors. And yes, names like Bryson DeChambeau and Jon Rahm are also on that list. What happens next with these high-profile players? Absolutely unclear. The guys around DeChambeau face a monumental decision: Do they remain loyal to the tour in its new guise, or do they go to court to reclaim the millions they are owed? LIV CEO Scott O'Neil remains steadfast, speaking of a "process that gives us the structure and time to pursue a groundbreaking transaction and open the next chapter of LIV Golf." Next year, LIV is set to return in a new form, with an "innovative, player-centric ownership model." Concrete decisions on the 2027 calendar or individual events? No sign yet.
That the bankruptcy was imminent came as no surprise to insiders. LIV had already laid off most of its staff in early September and canceled the final Team Championship in August, after the Public Investment Fund (PIF) from Saudi Arabia turned off the money tap. Since LIV's launch in 2022, the PIF had pumped an estimated $5 billion into the tour before suddenly pulling the plug. A small consolation: the PIF is now advancing a loan of almost $50 million for the insolvency and reorganization processes.
Top stars Rahm, DeChambeau, and Dustin Johnson have the largest unsecured claims against the tour – over $5 million each in due payments, as the documents show. And these are just the due sums! The total contracts run into tens of millions for some of these guys, as the Financial Times claims to have learned from insiders. The statement on Tuesday said that they are still in "advanced discussions" with the players to "create an ownership structure that aligns players' interests with the league's long-term success." Players are to be directly involved in the value they help create, O'Neil stated in an open letter to fans. A request from AFP has so far gone unanswered.
However, tour officials had previously announced a "LIV 2.0" version – with new investors, a shorter schedule, and reduced prize money for the upcoming season. On Tuesday, further details were announced that could really stir excitement. LIV aims to continue across five continents
