LIV Golf files for bankruptcy protection as it looks to ‘begin the next chapter’
Summary
LIV Golf, a new golf tour launched in 2022 that spent a lot of money to attract top players, has filed for bankruptcy protection in the United States. The tour's main backer, Saudi Arabia's Public Investment Fund, stopped funding it this year, leading LIV Golf to lay off most of its staff and seek new investors to restart the tour next year.Key Facts
- LIV Golf began in 2022 and spent about $5 billion to attract players from the PGA Tour.
- Saudi Arabia’s Public Investment Fund was the main financier but pulled support in 2024.
- LIV Golf filed for bankruptcy protection in the US and is also seeking legal recognition in the UK.
- Most of LIV Golf’s staff have been laid off due to financial problems.
- The company plans to restart the tour next year with fewer events and smaller prize money.
- LIV Golf is in talks with players to create a new ownership model that involves them.
- Some top players are reported to be considering returning to the PGA Tour.
- The PGA Tour has stated it has no plans to welcome LIV players back at this time.
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