Business · Singapore Bureau
LIV Golf braces for potential bankruptcy filing next month
The Saudi-backed golf league is preparing to seek bankruptcy protection as early as mid-September, according to reports. The move comes as the breakaway circuit struggles with financial viability despite substantial funding from the kingdom's Public Investment Fund.
LSN Singapore ·
LIV Golf is readying itself for a potential bankruptcy filing within the week of September 7, sources familiar with ongoing negotiations revealed on Monday. The filing would mark a significant setback for the controversial Saudi-backed venture, which has attracted dozens of professional golfers since its launch in 2022 with promises of substantial prize purses and appearance fees.
The league has faced mounting financial pressures despite receiving billions in backing from Saudi Arabia's Public Investment Fund. Operating costs, including player salaries and tournament expenses, have reportedly strained the venture's finances as it has struggled to establish a sustainable revenue model through sponsorships and broadcasting rights.
The potential bankruptcy protection filing represents a dramatic turn for LIV Golf, which initially positioned itself as a rival to the PGA Tour. Earlier efforts to merge with the PGA Tour have stalled amid regulatory and legal hurdles, leaving the league's long-term viability uncertain.
The developments underscore the challenges facing sports ventures attempting to compete against established professional tours, even with substantial financial backing. A bankruptcy filing would not necessarily mean the league's immediate closure but could facilitate restructuring and debt reorganization as it seeks a path forward.