By Fatma Younis
LIV Golf, the Saudi-backed breakaway golf tour, indicated Thursday it plans to file for bankruptcy and shut down operations unless a last-minute rescue materializes, according to documents filed in New Jersey Bankruptcy Court.
Billions Invested Since 2022
Saudi Arabia’s Public Investment Fund has poured more than $5 billion into the venture since 2022. The tour was formed in 2021 by a group of golfers led by Phil Mickelson and Greg Norman, who were dissatisfied with the PGA Tour. LIV subsequently attracted major names such as Jon Rahm, Bryson DeChambeau and Dustin Johnson with guaranteed multi‑million‑dollar payouts.
Television Deal Failures and Canceled Events
While LIV tournaments drew solid audiences overseas, the tour failed to secure a long‑term U.S. television partner, severely limiting its visibility and revenue. Multiple events were canceled this year, including a team championship.
Last‑Minute Investment Collapses
Earlier this week, reports emerged that LIV had sought emergency funding from private equity firm BC Partners. That deal fell apart after the firm did not receive enough commitments from golfers interested in reviving the tour.
