LIV Golf prepares for bankruptcy filing in September, FT reports
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LIV Golf recently sent settlement offers to current players who are owed millions in guaranteed payments beyond 2026.
PHOTO: REUTERS
- LIV Golf may file for bankruptcy protection in early September due to funding issues as Saudi Arabia’s Public Investment Fund plans to end support after 2026.
- The league has laid off most staff and offered players only a small fraction of owed guaranteed payments as it struggles to secure new funding.
- PIF has invested over US$5 billion since 2022 but will provide a bankruptcy loan under US$100 million without further commitments, with the filing likely in New Jersey federal court.
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LIV Golf may file for bankruptcy protection as soon as the week of Sept 7, the Financial Times reported on Aug 31, citing people briefed on the negotiations.
Last week, the professional men’s golf league said it had laid off most of its workforce while it continued to secure funding for its next phase, with financial backing from Saudi Arabia’s Public Investment Fund (PIF) set to expire.
LIV Golf recently sent settlement offers to current players who are owed millions in guaranteed payments beyond 2026, with initial offers amounting to only a few cents on the dollar, the report said, as the Saudi sovereign wealth fund has been reluctant to provide additional funding.
Reuters could not immediately verify the report. LIV Golf and PIF did not immediately respond to a Reuters request for comment outside regular business hours.
PIF has poured more than US$5 billion (S$6.4 billion) into LIV Golf since the breakaway circuit launched in 2022 but said in April it would cut funding at the close of the league’s 2026 season.
The bankruptcy could be filed in the federal district court of New Jersey, the newspaper reported. It added that PIF is expected to provide a bankruptcy loan of less than US$100 million, without committing additional funding. REUTERS