LIV Golf Owes Rahm, DeChambeau and Johnson Millions and Has Given Its Players Until Thirteen October to Sign Up
LIV Golf's bankruptcy filings show players have until 13 October to commit to a restructured league backed by BC Partners.
Details of LIV Golf's bankruptcy case have begun to emerge after the Saudi-backed league filed for Chapter 11 protection in a New Jersey court on 8 September.
The filing lists liabilities of between 500 million and 1 billion US dollars owed to around 1,000 creditors. Among them are Bryson DeChambeau, Jon Rahm and Dustin Johnson, each owed more than 5 million dollars in immediately past-due payments, and Brooks Koepka, who is owed 1.7 million dollars. The league's global assets are put at between 100 million and 500 million dollars.
Saudi Arabia's Public Investment Fund, which has invested around 5 billion dollars in LIV since its launch in 2022, will provide a loan of about 50 million dollars to fund the bankruptcy and reorganisation. British investment group BC Partners is the partner for the restructuring and would provide 300 million dollars of financing for the new version of the league.
Court documents reviewed by Golf.com show players have until 13 October to commit to the plan. The deal requires at least half of the players with claims to sign on, and their claims must add up to at least two-thirds of the total value of player claims. Players would receive revised contracts with signing bonuses and an ownership stake.
The filings also show LIV had about 15 million dollars in operating cash in the week of the filing and had laid off 289 employees, around 90 per cent of its staff in the United States and Britain.
LIV plans to return in 2027 with 75-player fields, cuts and Monday qualifiers, and events on five continents including Hong Kong. It remains unclear whether its leading players will stay or pursue legal claims.