Politics · Singapore Bureau
LIV Golf files for bankruptcy protection as debts mount
The Saudi-backed golf league has filed for bankruptcy protection with liabilities estimated between US$500 million and US$1 billion, prompting concerns about player departures.
LSN Singapore ·
LIV Golf has sought bankruptcy protection as financial pressures mount on the Saudi Public Investment Fund-backed golf league, according to court filings that reveal substantial debt obligations.
Documents filed in the proceedings show the league faces estimated liabilities ranging from US$500 million to US$1 billion (S$632.4 million to S$1.26 billion). The move comes as the league continues to navigate its volatile position within professional golf following its launch in 2022.
Golfer Rory McIlroy has predicted the bankruptcy filing will trigger a player exodus from LIV, with competitors potentially reassessing their commitments to the breakaway league. The filing raises questions about the league's ability to meet existing player contracts and operational obligations.
The bankruptcy protection filing represents a significant setback for LIV Golf, which has invested heavily to attract top-ranked players through substantial signing bonuses and tournament purses. The league has faced mounting pressure as it attempts to establish credibility and compete with the PGA Tour.
The exact implications for current LIV players and upcoming tournaments remain unclear as the bankruptcy process unfolds.