LIV Golf Collapses as League Files for Bankruptcy After $5 Billion Spend
The breakaway golf circuit LIV is shutting down after filing for bankruptcy. Discover how the $5 billion venture failed to secure new funding sources.
POLICY WIRE — New Jersey, USA — The rebellious men’s professional golf circuit LIV Golf is set to cease operations following a bankruptcy filing and a failed attempt to secure new financial backing.
LIV attorney Matthew Williams confirmed on Thursday in New Jersey Bankruptcy Court that the league’s debtors have opted to wind down the business rather than pursue a proposed reorganization.
The decision marks the end of a volatile five-year era that saw the league spend over $5 billion while attempting to disrupt the established landscape of professional golf.
Despite a seven-month push to find independent funding without the support of the Saudi Arabian sovereign wealth fund, the organization was unable to sustain its operations.
Over the last five months, the circuit experienced a rapid decline characterized by canceled tournament events and a mass layoff affecting the majority of its workforce.
In a message sent to supporters on Tuesday, LIV Golf CEO Scott O’Neil stated the company had “entered a court-supervised restructuring process that provides us with the time and framework to address previous financial obligations”\
The league is scheduled to begin its formal closure process starting this past Monday.
The rise of LIV Golf famously fractured the sport when high-profile stars such as Bryson DeChambeau, Dustin Johnson, Phil Mickelson, and Brooks Koepka accepted massive lucrative contracts to leave the PGA Tour.
Reporting by Policy-Wire (PW)
