Bosses defiant as LIV files for bankruptcy protection – Daily Business

LIV Golf has filed for bankruptcy protection in the United States, with more than £30 million owed to players.

LIV said the aim of the Chapter 11 petition was to “preserve the company’s business” as it looks to restructure after Saudi Arabia’s Public Investment Fund (PIF) withdrew its backing earlier this year.

Bosses of the controversial breakaway league, which was founded in 2021, remain confident about its future despite the latest development, chief executive Scott O’Neil insisting he is looking forward to the “next chapter” with new investors BC Partners.

Among the stars named in the petition’s documents who are owed money are Major winners Jon Rahm ($7.5m – £5.5m) – he was reported to have signed a £250m deal when joining the rebel tour in 2023 as Masters champion – Bryson DeChambeau ($5.7m – £4.2m) and Dustin Johnson ($5.5m – £4.1m).

Brooks Koepka, who left to rejoin the PGA Tour at the start of the year has an unsecured claim of $1.7m (£1.25m), but it remains to be seen who will follow suit now that they have a route out of LIV.

O’Neil said: “The people of LIV Golf, led by the players, have continued to show incredible resilience, commitment, and a shared belief in what we are building. Thanks to their tireless work, LIV Golf has created a foundation to entertain and inspire the next generation of global golf fans around the world.

“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. 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 realise it.

“We are grateful to our players, the incredible team at LIV Golf, our board, BC Partners, and our partners all over the world standing tall with us, and we thank them for their belief in our next chapter. A special thank you to Ducera Partners who drove this investment process. We will not rest until we deliver on LIV Golf’s full potential.”