Jon Rahm to forfeit remaining payments in LIV Golf settlement
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It is believed that Spanish golfer Jon Rahm is still owed more than US$100 million (S$128 million) in future guarantees.
PHOTO: AFP
Jon Rahm wants out of his commitment with LIV Golf and is willing to leave millions of dollars behind to achieve that, Front Office Sports reported on Oct 15.
The league filed for Chapter 11 bankruptcy in New Jersey in September, and per court filings reviewed by the outlet, Rahm has agreed to a separation agreement. It calls for him to end attempts to collect US$7.47 million (S$9.6 million) owed to him from past events, plus future earnings owed to him under his LIV contract.
Rahm joined the fledgling league in 2024. While contract terms were never revealed, it is believed the Spanish superstar signed a contract in the range of US$300 million and is still owed more than US$100 million in future guarantees.
He additionally earned more than US$106 million in prize and bonus money on the course. He won the individual season championship in each of his three seasons with LIV.
LIV Golf’s future was thrown into turmoil in the spring when officials from the Saudi Arabian group that had been paying the bills said it would stop funding the circuit. BC Partners Credit, an investment firm, is prepared to provide US$300 million to finance what is being called LIV 2.0, should the league emerge from bankruptcy.
Rahm, who turns 32 in November, already said he had no plans to be a part of the next generation of LIV. He is a member of the DP World Tour, and the two-time Major winner can try to return to the PGA Tour, though chief executive officer Brian Rolapp has given no indication that the tour will welcome back those who left it for LIV.
The next hearing is scheduled for Nov 5, at which time Rahm’s separation agreement will be up for final approval from US Bankruptcy Court of New Jersey judge Michael Kaplan. AFP