LIV Golf is headed toward bankruptcy barring a last-minute rescue
Phil Mickelson of Hyflyers GC plays his shot at LIV Golf South Africa last spring.Johan Rynners / GettyShareAdd NBC News to GoogleBy Rob WileLIV Golf, the breakaway golf tour backed by Saudi royalty and some of the biggest names in the game, indicated Thursday it planned for bankruptcy — a stunning conclusion to an effort that had received billions of dollars in backing.
Documents filed in New Jersey Bankruptcy Court showed LIV planned to shut down operations as it seeks relief from creditors. It was not immediately clear how much it owed. Saudi Arabia’s Public Investment Fund has invested more than $5 billion in the company since 2022.
Formed in 2021 by a group of golfers led by Phil Mickleson and Greg Norman who expressed dissatisfaction with the long-running PGA Tour, LIV attracted numerous bold-faced names including Jon Rahm, Bryson DeChambeau and Dustin Johnson with millions in guaranteed payouts.
FOR SUBSCRIBERSAnger over GOP education agenda fueled blue sweeps in Texas, advocates sayFOR SUBSCRIBERSMicroplastics are changing the color of ocean water, study suggestsFOR SUBSCRIBERSDemocratic Senate set to thwart Trump’s Supreme Court and judicial appointmentsFOR SUBSCRIBERSHow an unlikely Virginia law could offer a path to justice after a Texas campus sexual assaultFOR SUBSCRIBERSNewly elected Democrats could become 2028 power brokersFOR SUBSCRIBERSStudents’ scrolling thousands of YouTube videos shows need for stricter rules, officials sayFOR SUBSCRIBERSEven before election, Trump’s White House was prepping for Democratic investigationsFOR SUBSCRIBERSInside the miscalculations that cost Trump control of CongressFOR SUBSCRIBERSWhat Democrats plan to do with House majority: Investigate Trump and tackle affordabilityFOR SUBSCRIBERSTrump discussing possible Hegseth replacements, sources say FOR SUBSCRIBERSMaps: How the vote shifted from the 2024 presidential election to 2026FOR SUBSCRIBERSThe dynamics behind the Democrats’ midterm drubbing of RepublicansFOR SUBSCRIBERSTexas election upset means ‘MAGA’s own private law firm’ will be led by a DemocratFOR SUBSCRIBERSElon Musk moved to Texas to escape Democrats — now they’re in chargeFOR SUBSCRIBERSVance tiptoes out on his own after a midterm wipeoutSlide 1 of 1Its creation set off a quasi-civil war of sorts in the game between LIV players and others committed to sticking with the PGA, whose tournaments were seen as more competitive. By contrast, LIV’s events were accused of lacking drama because players’ payouts were guaranteed.
FOR SUBSCRIBERSAnger over GOP education agenda fueled blue sweeps in Texas, advocates sayFOR SUBSCRIBERSMicroplastics are changing the color of ocean water, study suggestsFOR SUBSCRIBERSDemocratic Senate set to thwart Trump’s Supreme Court and judicial appointmentsFOR SUBSCRIBERSHow an unlikely Virginia law could offer a path to justice after a Texas campus sexual assaultFOR SUBSCRIBERSNewly elected Democrats could become 2028 power brokersFOR SUBSCRIBERSStudents’ scrolling thousands of YouTube videos shows need for stricter rules, officials sayFOR SUBSCRIBERSEven before election, Trump’s White House was prepping for Democratic investigationsFOR SUBSCRIBERSInside the miscalculations that cost Trump control of CongressFOR SUBSCRIBERSWhat Democrats plan to do with House majority: Investigate Trump and tackle affordabilityFOR SUBSCRIBERSTrump discussing possible Hegseth replacements, sources say FOR SUBSCRIBERSMaps: How the vote shifted from the 2024 presidential election to 2026FOR SUBSCRIBERSThe dynamics behind the Democrats’ midterm drubbing of RepublicansFOR SUBSCRIBERSTexas election upset means ‘MAGA’s own private law firm’ will be led by a DemocratFOR SUBSCRIBERSElon Musk moved to Texas to escape Democrats — now they’re in chargeFOR SUBSCRIBERSVance tiptoes out on his own after a midterm wipeoutSlide 1 of 1While LIV tournaments attracted healthy audiences overseas, they failed to land a long-term TV partner in the U.S., crippling its visibility and revenue streams.
Multiple outlets reported earlier this week that LIV had sought a last-minute investment with a large private equity group, only to see the deal fall apart. Sports media outlet The Athletic reported the group, BC Partners, did not receive enough commitments from golfers interested in reviving the tour, which had seen multiple events canceled this year, including a team championship.
Rob WileRob Wile is a Pulitzer Prize-winning journalist covering breaking business stories for NBCNews.com.
