Business · World News Bureau
LIV Golf seeks bankruptcy protection, players permitted to depart
The Saudi-backed LIV Golf has filed for bankruptcy protection in the United States, allowing contracted players to explore other opportunities. The league aims to resume operations with a new structure in early 2025.
LSN World News ·
LIV Golf, the breakaway golf league funded by Saudi Arabia's Public Investment Fund, has initiated bankruptcy proceedings in the United States as it restructures its operations. The filing permits players under contract with the organization to pursue alternative arrangements during the reorganization process.
The move comes as the league seeks to reset its financial and operational framework ahead of a planned restart in the first quarter of 2025. LIV Golf has faced significant challenges since its 2022 launch, including substantial ongoing losses and player defections to traditional professional tours.
Under the bankruptcy protection framework, LIV Golf maintains the ability to continue operations while reorganizing its obligations and contractual arrangements. The league's management has indicated that the restructuring will enable a relaunched competitive schedule with a recalibrated business model.
The decision to grant players release provisions reflects the broader transformation underway within the controversial tour, which has drawn criticism from golf's traditional establishment despite attracting numerous high-profile competitors through lucrative financial incentives.
Details regarding the league's specific operational plans and competitive format for the 2025 season remain forthcoming as the bankruptcy process advances.