LIV Golf officially files for bankruptcy protection; Rahm, Bryson owed millions — SkimNews
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- LIV Golf filed for Chapter 11 protection in U.S. Bankruptcy Court of New Jersey on Tuesday, reporting between $100 million and $500 million in assets against $500 million to $1 billion in liabilities.
- Jon Rahm ($7.5M), Bryson DeChambeau ($5.7M) and Dustin Johnson ($5.5M) head a list of star players listed among the league's 30 largest unsecured creditors, with Cameron Smith, Tyrrell Hatton and Brooks Koepka also owed millions in past-due payments.
- Saudi Arabia's Public Investment Fund, which announced in April it would no longer fund the breakaway circuit after investing more than $5 billion since June 2022, will provide $49.6 million in debtor-in-possession financing subject to court approval.
- PIF governor Yasir Al-Rumayyan stepped down as LIV Golf chairman shortly after the sovereign wealth fund ceased funding; LIV has entered a restructuring support agreement with BC Partners Advisors to recapitalize.
- CEO Scott O'Neil said the league plans to return to competition in 2027 with players holding majority ownership, expanding fields to 75 golfers and adding Monday qualifiers at events planned across Australia, South Africa, Mexico, England, Hong Kong and the U.S.
- The state of Louisiana is listed among the largest creditors at $1.2 million, while LIV faces multiple vendor lawsuits and canceled a New Orleans event and its Michigan season finale amid restructuring.
Why it matters: LIV's Chapter 11 filing puts its biggest stars in the unusual position of being its largest creditors — Rahm alone is owed $7.5M — while PIF's role shrinks from $5B+ backer to $49.6M in stopgap financing. The restructuring, if approved, hands majority ownership to players and pushes any return to 2027.
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