Aug 31 (Reuters) – LIV Golf may file for bankruptcy protection as soon as the week of September 7, the Financial Times reported on Monday, 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 […]
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LIV Golf prepares for bankruptcy filing in September, FT reports
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Aug 31 (Reuters) – LIV Golf may file for bankruptcy protection as soon as the week of September 7, the Financial Times reported on Monday, 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 $5 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 $100 million, without committing additional funding.
(Reporting by Shivani Tanna in Bengaluru; Editing by Sonia Cheema)