LIV Golf files for bankruptcy protection as it tries to survive in a smaller version
- LIV Golf filed for Chapter 11 bankruptcy protection in New Jersey with over $500 million in debt after Saudi Arabia's Public Investment Fund ended financial support.
- The restructured league plans to feature players as majority owners with an expanded field from 57 to 75 players and introduce a 54-hole cut for the first time.
- Four vendors have filed lawsuits over unpaid debts, and leading players including Jon Rahm, Bryson DeChambeau, Dustin Johnson, and Cameron Smith are among the largest creditors.
- LIV Golf intends to emerge from bankruptcy and launch its restructured version as early as 2027, with BC Partners providing capital as the primary source.
- The league spent over $5 billion before PIF withdrew support in April, and the final event under the current structure occurred last month in Indiana.
LIV Golf filed for Chapter 11 bankruptcy protection Tuesday in New Jersey with over $500 million in debt, following the abrupt withdrawal of financial support from Saudi Arabia's Public Investment Fund this year. The filing marks a significant restructuring as the league aims to continue operations under a new ownership model.
Under the proposed restructuring plan with BC Partners as the primary capital source, LIV Golf 2.0 will feature a reduced schedule with players holding majority ownership stakes. The league plans to expand the competition field from 57 to 75 players, introduce a 54-hole cut for the first time, and add Monday qualifiers. The team concept will be organized around nationalities, with continued focus on markets in Australia, South Africa, and Asia.
The bankruptcy filing lists four vendors who have already filed lawsuits over unpaid bills, and reveals that fourteen of the top thirty creditors are players. Jon Rahm leads the creditor list with an unsecured claim of nearly $7.5 million, followed by Bryson DeChambeau, Dustin Johnson, and Cameron Smith. The league expects to emerge from bankruptcy and launch its restructured version as early as 2027, with PIF providing $49.6 million in debtor-in-possession financing subject to court approval.
LIV高尔夫申请破产保护,试图以缩小规模的形式生存
LIV高尔夫周二在新泽西州申请第11章破产保护,债务超过5亿美元,这是在沙特阿拉伯公共投资基金今年突然撤回财务支持后采取的行动。该申请标志着该联赛在新所有权模式下继续运营的重大重组。
根据BC Partners作为主要资本来源的提议重组计划,LIV高尔夫2.0将以缩小赛程和球员持有多数所有权权益为特点。该联赛计划将比赛参与者从57人扩大到75人,首次引入54杆切线赛制,并增加周一资格赛。团队概念将围绕国家组织,继续关注澳大利亚、南非和亚洲的市场。
破产申请显示,四家供应商因未支付账单已提起诉讼,并透露最大的三十个债权人中有十四个是球员。乔恩·拉姆以接近750万美元的无担保债权列居债权人之首,其次是布莱森·德尚博、达斯汀·约翰逊和卡梅伦·史密斯。该联赛预计最早于2027年从破产中脱身并推出其重组版本,PIF将提供4960万美元的债务人占有融资,但需获得法院批准。