LIV Golf files for bankruptcy after losing Saudi backing

LIV Golf, the Saudi-backed professional golf circuit that disrupted the sport's establishment, has filed for bankruptcy as it attempts to navigate a dramatic reversal in its fortunes. The tour's collapse of funding comes after its primary Saudi investors withdrew support earlier this year, leaving the venture unable to sustain operations in its current form.

The bankruptcy filing marks a significant setback for the controversial league, which launched in 2022 with promises of lucrative prize purses and inflated player salaries. The tour successfully recruited dozens of elite golfers away from traditional circuits, including major champions and world-ranked competitors, with signing bonuses and guaranteed payments totalling hundreds of millions of dollars.

With the loss of its financial backing, LIV Golf now faces the challenge of restructuring its operations while addressing substantial debts owed to participating players. The tour's leadership has indicated its intention to eventually resume competition in a revised format, though the timeline and structure of any future operations remain unclear.

The bankruptcy filing underscores the golf industry's turbulent transformation over the past two years, as LIV Golf's emergence triggered widespread upheaval among professional tours and fundamentally reshaped player compensation models across the sport.