LIV Golf seeks bankruptcy protection with up to US$1b in debts owed to players

LIV Golf filed for bankruptcy protection, aiming to restructure after losing Saudi investment, with liabilities between $500 million and $1 billion owed to numerous creditors.

The tour plans to return with a new player-focused model despite significant debts to star players like Bryson DeChambeau, who face decisions about staying or pursuing owed millions.

LIV's future includes hosting tournaments worldwide, partnering with BC Partners for restructuring, and seeking global recognition of its bankruptcy filing.

LOS ANGELES, Sept 9 — LIV Golf, the breakaway tour that spent billions of dollars luring top players away from the PGA and triggered bitter divisions within the sport, filed yesterday for bankruptcy protection.

The filing at a New Jersey court indicates LIV, which abruptly lost its deep-pocketed Saudi investors earlier this year, intends to restructure and return in a new form.

But documents show LIV owes between US$500 million and US$1 billion (RM2 billion and RM4.06 billion) in estimated liabilities to at least 1,000 creditors, including star players like Bryson DeChambeau and Jon Rahm.

And the future of those popular players remains deeply unclear. The likes of DeChambeau are now faced with deciding whether to remain with the tour in its new guise, or leave and attempt to pursue the millions of dollars they are owed in court.

“This process gives us the structure and time to pursue a landmark transaction and begin the next chapter of LIV Golf,” said CEO Scott O’Neil, in a statement.

LIV still intends to return next year in a new form including “an innovative, player-first ownership model,” he said.

“No definitive decisions regarding the 2027 schedule or individual events are being announced at this time,” the LIV statement added.

The bankruptcy filing was widely expected, after LIV axed the majority of its staff earlier this month, and scrapped its season-ending team championship in August after losing the backing of Saudi Arabia’s Public Investment Fund (PIF).

Since LIV’s launch in 2022, the Middle Eastern fund had poured an estimated US$5 billion into the tour, before abruptly pulling the plug.

The PIF will now provide a loan worth nearly US$50 million for the bankruptcy and reorganization process, the LIV statement showed.

LIV’s star players Rahm, DeChambeau and Dustin Johnson hold the largest unsecured claims against the tour, totalling more than US$5 million each in immediate past-due payments, per the bankruptcy filing.

But even those amounts do not reflect the future remaining contract values of some golfers, that can range into tens of millions of dollars each, the Financial Times reported, citing a person familiar with the matter.

Yesterday’s statement said “the Company remains in advanced discussions with” players, including on “creating an ownership structure aligning players’ interests with the League’s long-term success.”

“Players will have the opportunity to share directly in the value they help create,” said O’Neil, in an open letter to fans.

LIV did not immediately respond to AFP request for comment on the matter.

Tour officials have previously pledged that a “2.0” version of the tour will re-emerge under new investors next season, with a shorter schedule and reduced prize money.

Further details emerged for the proposals yesterday.

LIV intends to host tournaments across five continents, in locations including Australia, South Africa, Mexico, England, Hong Kong and the US.

“We intend to expand our fields to 75 players, introduce a cut, and create additional pathways for players to earn their way into LIV Golf, including Monday qualifiers,” it said.

The emphasis would remain on courting young fans, with live music, and team competitions which will “embrace national identities, building on the passion and momentum of World Cup-style competition.”

But much will depend on whether top stars including DeChambeau and Rahm remain.

Widespread reports have linked several LIV stars with potential returns to the PGA Tour and other series, though the PGA said it currently has no plans to offer LIV players a pathway back.

Five-time major winner Brooks Koepka — who did return to the PGA this year — is still listed as a creditor owed US$1.7 million on the LIV bankruptcy filing.

Yesterday’s filing confirmed LIV has partnered for the restructuring effort with British investment group BC Partners — long rumoured to be the tour’s mystery new “lead investor.”

LIV Golf is also seeking recognition of the US bankruptcy filing in England and Wales to cover its global assets, which total US$100-US$500 million. — AFP

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LIV Golf 申请破产保护，旨在重组，此前该公司失去了沙特投资，欠下众多债权人的债务在 5 亿美元至 10 亿美元之间。

尽管布赖森·德尚博等明星球员面临着是继续留队还是追讨数百万美元欠款的抉择，巡回赛仍计划以全新的以球员为中心的模式回归。

LIV 的未来包括在全球范围内举办赛事、与 BC Partners 合作进行重组，以及寻求其破产申请获得全球认可。

洛杉矶，9 月 9 日——LIV Golf 是一个脱离 PGA 巡回赛的组织，它花费了数十亿美元将顶级球员从 PGA 吸引过来，并引发了这项运动内部的激烈分裂。昨天，LIV Golf 申请破产保护。

新泽西州法院提交的文件显示，LIV 打算进行重组，并以新的形式回归。LIV 今年早些时候突然失去了财力雄厚的沙特投资者。

但文件显示，LIV 欠至少 1000 名债权人 5 亿美元至 10 亿美元（20 亿至 40.6 亿令吉）的估计债务，其中包括布赖森·德尚博和琼·拉姆等明星球员。

这些明星球员的未来仍然充满变数。像德尚博这样的球员现在面临着一个抉择：是留在改制后的巡回赛中，还是离开并试图通过法律途径追讨他们被拖欠的数百万美元。

“这一流程为我们提供了必要的结构和时间，以进行一项具有里程碑意义的交易，并开启 LIV Golf 的下一个篇章，”首席执行官 Scott O'Neil 在一份声明中表示。

LIV 仍计划明年以新的形式回归，其中包括“一种创新的、以球员为先的所有权模式”，他说道。

LIV 的声明还补充道：“目前尚未公布有关 2027 年赛程或具体赛事的任何最终决定。”

在 LIV 本月早些时候解雇了大部分员工，并在失去沙特阿拉伯公共投资基金 (PIF) 的支持后于 8 月取消了赛季末的团队锦标赛之后，破产申请早已在意料之中。

自 LIV 于 2022 年启动以来，据估计，这家中东基金已向该巡演投入了 50 亿美元，之后却突然停止了投资。

LIV的声明显示，PIF将为破产和重组过程提供近5000万美元的贷款。

根据破产申请文件，LIV 的明星球员拉姆、德尚博和达斯汀·约翰逊对巡回赛拥有最大的无担保债权，每人拖欠的款项总额超过 500 万美元。

但据《金融时报》援引一位知情人士的话报道，即使是这些金额也未能反映出一些高尔夫球手未来剩余合同的价值，这些合同的价值可能高达数千万美元。

昨天的声明称，“公司仍在与球员进行深入讨论”，包括“建立一种所有权结构，使球员的利益与联盟的长期成功保持一致”。

奥尼尔在一封致球迷的公开信中表示：“球员们将有机会直接分享他们所创造的价值。”

LIV尚未立即回应法新社对此事的置评请求。

巡回赛官员此前承诺，下赛季将在新投资者的带领下推出“2.0”版本的巡回赛，赛程将缩短，奖金也会减少。

昨天公布了更多提案细节。

LIV计划在五大洲举办锦标赛，举办地点包括澳大利亚、南非、墨西哥、英国、香港和美国。

“我们计划将参赛人数扩大到 75 人，引入淘汰赛，并为球员创造更多途径来赢得 LIV Golf 的参赛资格，包括周一资格赛，”声明中写道。

重点仍将放在吸引年轻球迷上，通过现场音乐和团队比赛，“展现民族认同感，延续世界杯式比赛的激情和势头”。

但很大程度上取决于德尚博和拉姆等顶级球星是否会留队。

大量报道将几位 LIV 球星与 PGA 巡回赛和其他系列赛联系起来，尽管 PGA 表示目前没有计划为 LIV 球员提供回归途径。

五届大满贯冠军得主布鲁克斯·科普卡（今年重返 PGA 赛场）仍然被列为 LIV 破产案的债权人，被拖欠 170 万美元。

昨天提交的文件证实，LIV 已与英国投资集团 BC Partners 合作进行重组工作——此前一直有传言称 BC Partners 是该巡演神秘的新“领投方”。

LIV Golf 还寻求英格兰和威尔士承认其在美国提交的破产申请，以涵盖其全球资产，这些资产总额在 1 亿至 5 亿美元之间。——法新社

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