Jon Rahm Quits LIV Golf as Bankruptcy Rescue Looms — SkimNews
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- Jon Rahm is leaving LIV Golf, with his attorney John Beck announcing the decision Wednesday during a U.S. Bankruptcy Court of New Jersey hearing and saying the proposed LIV 2.0 terms were 'unacceptable'
- Rahm signed with LIV in December 2023 for a reported multiyear contract worth more than $300 million and is believed to be owed more than $100 million, with a separation agreement targeted by Oct. 15
- LIV Golf filed for Chapter 11 bankruptcy on Sept. 8 listing $100 million to $500 million in assets and $500 million to $1 billion in liabilities, with Rahm among the top 30 unsecured creditors at $7.5 million in past-due payments
- LIV Golf filed a restructuring support agreement Monday conditioned on a $300 million investment from BC Partners and the execution of new player agreements with golfers 'required by BC Partners,' extending the deadline for current players to commit to Oct. 25
- PGA Tour CEO Brian Rolapp affirmed on Sept. 15 that the tour currently has no plans to revive the Returning Member Program that could have brought him back, while Rahm remains a DP World Tour member after settling his dispute in May
- Sergio Garcia was released from his contract per court records, and Bryson DeChambeau ($5.7 million), Dustin Johnson ($5.5 million), Cameron Smith ($4.8 million), Tyrrell Hatton ($3.4 million) and Brooks Koepka ($1.7 million) also appear among top creditors
- LIV Golf CEO Scott O'Neil said the post-bankruptcy 'LIV 2.0' plan would feature 10 tournaments with smaller purses
Why it matters: Rahm was billed as LIV Golf's last marquee anchor, and his exit lands while the league is bargaining with BC Partners over a $300 million rescue deal whose conditions specifically demand signing players 'required by BC Partners' — meaning the league's most bankable remaining holdout just walked at the moment his signature mattered most to closing the financing.
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