LIV Golf tells a bankruptcy court it will wind down, ending the Saudi-funded league that split men's golf
AP covers the court hearing and the executive retention payments; the BBC explains why the last rescue investor walked away.
LIV Golf will shut down, its lawyer told a U.S. bankruptcy court in New Jersey on Thursday, Nov. 5. "The debtors are not currently proceeding with the LIV 2.0 plan," attorney Matthew Williams said, per AP; the league is moving to a "value-maximizing wind-down."
AP reports that LIV launched in June 2022 with nine-figure signing bonuses to lure players from the PGA Tour, spent more than $5 billion, lost its Saudi Public Investment Fund backing in April, and filed for Chapter 11 on Sept. 8. BC Partners Credit had pledged $300 million for a slimmed-down LIV 2.0, but the BBC says the firm pulled out on Wednesday, mainly because it was not satisfied with the mix of players who had signed up; Jon Rahm and Sergio Garcia had already walked away.
AP notes LIV paid $15.6 million to keep seven executives in the months before the bankruptcy, and that whether those payments can be voided is now an open question. LIV said it remains open to alternatives during the wind-down.
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LIV Golf
After exploring LIV and let die: Rival league tells bankruptcy court it will wind down operations, the league's whole arc is laid out in LIV Golf.
Wikipedia's history of the tour: its name came from the Roman numeral 54, the number of holes played at its events, and its first event was held at the Centurion Club near St Albans on 9 June 2022.
Wikipedia · Wade · 5 min
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