Golf Debacle! LIV Tour files for bankruptcy after Saudi withdrawal
High stakes, hard fall. For less than 5 years, the LIV Tour, launched with great fanfare and billions of dollars from the Saudi Arabian sovereign wealth fund, caused discontent in the golf scene. What happens next?
Following the major rift in the golf world, the LIV Tour has now filed for bankruptcy in the USA.
This is intended to secure a future for the series, which was launched in 2022 as a competitor to the PGA Tour. The Saudi Arabian sovereign wealth fund PIF had invested an estimated five billion dollars in the project but announced its withdrawal as the main financier approximately five months ago. Several golf stars are now among the creditors.
Liabilities up to One Billion US Dollars
The bankruptcy filing mentions liabilities ranging from 500 million to one billion US dollars, with assets between 100 and 500 million dollars.
Spain's Jon Rahm (pictured) has filed claims for 7.5 million, and Bryson DeChambeau (5.7 million) and Dustin Johnson (5.5 million) are also among the creditors.
Will Top Stars Return to the PGA Tour?
It is unclear whether the top stars who defected with great fanfare at the time will now return to the PGA Tour. The PGA did not open the door in a recent statement.
They might also remain with the LIV Tour, which claims to have found a new financier in the investment firm BC Partners Credit.
"Our goal is not just to preserve what exists. We want to develop and improve it," said Scott O'Neill, CEO of the LIV series.
New Chapter for LIV Tour in Planning
According to him, the bankruptcy filing was a first step towards this. "This process gives us the structure and time to pursue a landmark transaction and usher in the next chapter of LIV Golf."
Worldwide operations are planned to resume in 2027, although this depends on factors including court approvals, a statement said.
