LIV Golf is preparing to file for bankruptcy protection as Saudi Arabia’s Public Investment Fund pulls back its financial support. Having spent more than five billion dollars since its 2002 launch, the league outpaced its independent revenue and relied heavily on continued backing, which is now ending with any bankruptcy-related financing capped below operational needs.
Settlement offers amounting to a small fraction of what was originally promised have been sent to players with guaranteed future contracts. Golfers are weighing three options: accept a reduced settlement and stay with a restructured league, accept the settlement and walk away, or reject the offer to pursue claims as unsecured creditors in bankruptcy. Additionally, a large share of staff has been told their positions will end in the coming weeks.
If the bankruptcy proceeds, a scaled-down league could return next year with a smaller schedule, reduced prize money, and a new ownership structure. The league’s struggles reflect broader financial strain from Saudi Arabia’s overseas spending amid regional war costs and domestic priorities, marking a reversal for the tour that previously upended golf economics by luring players away from the PGA Tour.