LIV Golf Files for Bankruptcy | US News

0:00It's September 8th. You're listening to US News today, AI-powered national coverage. So, live golf, the league that shook up the golf world with all that Saudi cash, has officially filed for bankruptcy. We're talking liabilities between $500 million and $1 billion, with assets ranging from $100 million to $500 million. This comes after the Saudi Public Investment Fund, which dropped over $5 billion into LIV since 2022, decided to pull the plug after the 2026 season. Now, live is looking for a lifeline, trying to strike a deal with B.C. partners and some other investors. The big idea here is a total ownership shake-up. Under this new plan, the players themselves will become the majority owners, getting equity in the company instead of those massive guaranteed payments that lured them away from the PGA tour. This move is all about restructuring debt and keeping the league afloat beyond 2026. Especially with money owed to players and other creditors. It's not about shutting down shop, it's about a pivot, a leaner operation without the endless

1:05billions from Saudi Arabia. The PIF is even tossing in a $49.6 million loan just to cover the bankruptcy proceedings, not for ongoing operations. According to bankruptcy filings, John Rom is listed as the biggest creditor owed $7.4 million with Bryson Day-Shambo and Dustin. Johnson also high on the list, Rom, who still has over 100 million left on his contract, said he's willing to fulfill his commitment to LIV 1.0, but the future is still up in the air. This whole situation is a pretty while turnaround from LIV's flashy launch in 2022. They went from challenging the PGA tour with unprecedented sums to canceling tournaments, cutting staff, and now this bankruptcy filing. It's a clear sign that the original business model, heavily reliant on Saudi backing, just wasn't sustainable in the long run.