Saudi-backed LIV Golf files for Chapter 11 bankruptcy protection

LIV Golf, the controversial professional men's golf league backed by Saudi Arabia's Public Investment Fund (PIF), filed for Chapter 11 bankruptcy protection in New Jersey on Tuesday. The filing marks a significant shift for the upstart circuit, which has aggressively recruited top-ranked players since its launch in 2022 with substantial Saudi funding.

Under the Chapter 11 restructuring process, the league intends to continue operations while reorganising its business model and finances. The PIF has committed to providing $49.6 million in debtor-in-possession financing to support the bankruptcy process and ensure the league can maintain its operations during the reorganisation period.

LIV Golf's financial difficulties come amid broader consolidation discussions within professional golf. The league has faced mounting pressures including sponsorship challenges, tournament scheduling complications, and significant financial losses since its inception.

The bankruptcy filing does not necessarily signal an end to LIV Golf's operations. Chapter 11 protection typically allows companies to restructure debts and operations while remaining functional, with creditor approval required for major decisions.

LIV Golf has disrupted the professional golf landscape since launch, luring marquee players with lucrative contracts and shifting the sport's competitive landscape. The bankruptcy filing represents a turning point for the league as it attempts to stabilise its financial position.