LIV files for bankruptcy protection with over $45m owed to players

LIV Golf has filed for bankruptcy protection with at least $45m owed to players, who will now have the option to leave. A Chapter 11 petition, which LIV says is to preserve the company's business as it attempts to restructure after Saudi Arabia withdrew its multibillion-dollar funding, was filed in the United States on Tuesday. The breakaway league says it has found a new investor in BC Partners, following the decision in April by Saudi Arabia's Public Investment Fund (PIF) to pull its funding. Documents in the petition outline money owed to LIV Golf's creditors with the 30 largest unsecured claims. Two-time major winner Jon Rahm tops that list with an unsecured claim of $7.5m, followed closely by Bryson DeChambeau ($5.7m), Dustin Johnson ($5.5m), Cameron Smith ($4.8m), and Tyrrell Hatton ($3.4m). The total amount owed to the 14 current and former LIV players in the top 30 creditors is just over $45m. LIV estimates its assets at $100m-$500m and its liabilities at between $500m and $1bn. The court documents show that LIV intends to commence its new majority player-owned league early next year, allowing it to start talking to players about their participation in LIV's future. However, contracts under the previous iteration of LIV Golf will finish due to this court filing, with amounts owed to players and other creditors addressed through the court process. It remains unclear when players would then be able to enter discussions with other tours.