LIV Golf files for Chapter 11 bankruptcy through $49.6m Saudi loan

Professional men’s golf league LIV Golf ‌filed for Chapter 11 bankruptcy in New Jersey on Tuesday, saying it ​intended to restructure its business with a $49.6 million (€42.6 million) bankruptcy loan provided by the Public Investment Fund (PIF) of Saudi Arabia.The company has between $500 ​million and $1 billion in liabilities and between $100 million and $500 million in assets, ⁠according to its Chapter 11 petition.LIV Golf said ‌the ‌bankruptcy ​will allow it to go forward with the support of a new backer, BC ⁠Partners Advisors ​LP.LIV has been preparing for ​its next iteration ever since the PIF said in ‌April that further investment ​in the rebel circuit no longer aligned with its ⁠strategy and that it ⁠would ​cut funding at the close of the 2026 season. PIF owns 100 per cent of LIV Golf’s equity, according to its bankruptcy petition.READ MOREThe PIF has invested more than $5 billion in LIV Golf since its launch in 2022 and the breakaway circuit ‌used massive signing bonuses ⁠to poach big-name players such as Bryson DeChambeau, Jon Rahm and Dustin Johnson from the PGA Tour. The three players are the company’s top three unsecured creditors, ​according to the petition. Each is ​owed more than $5 million. – Reuters