The Saudi-backed golf league has filed for Chapter 11 protection in the United States, naming several of its own marquee players – including Australian star Cam Smith – among the creditors owed millions of dollars. Here’s what we know.
Key Takeaways
- LIV Golf and its affiliated entities filed for Chapter 11 protection in the US Bankruptcy Court for the District of New Jersey on Tuesday.
- Jon Rahm is owed $7.5 million, Bryson DeChambeau $5.7 million, Dustin Johnson $5.5 million, Cameron Smith $4.8 million, Tyrrell Hatton $3.4 million and Brooks Koepka $1.7 million in past-due payments, placing them among the 30 largest unsecured creditors.
- Saudi Arabia’s Public Investment Fund, which stopped funding the circuit in April after spending more than $5 billion, will provide $49.6 million in financing to keep the league running through the process, subject to court approval.
- LIV says it intends to emerge in early 2027 under a model majority owned by its players, though no 2027 schedule has been confirmed.
Key Background
Saudi Arabia’s Public Investment Fund launched LIV in 2022 and spent more than $5 billion luring major champions from the PGA Tour, before pulling its funding in April. Governor Yasir Al-Rumayyan, who chaired LIV, resigned soon after.
The season then unravelled.
While the marquee event in Adelaide went ahead in February, LIV cancelled New Orleans, halved the Indianapolis purse and scrapped the Michigan finale, then laid off most of its staff this month.
In a statement, LIV says it intends to re-emerge in early 2027 under new backer BC Partners, with players as majority owners, fields of 75 and a cut across five continents.
“Now it is time to enter the next phase of LIV Golf,” CEO Scott O’Neil said. “Today, we took an important step forward to get there. LIV Golf has entered a court-supervised restructuring process that provides us with the time and framework to address previous financial obligations and complete a transaction that will make the League’s next phase a reality.
“Put simply, this process is designed to build a stronger and more sustainable future for LIV Golf.”
Star Players Owed Millions
LIV Golf owes Jon Rahm nearly $7.5 million and Bryson DeChambeau close to $5.8 million in unpaid fees, according to the league’s Chapter 11 bankruptcy petition, filed Tuesday in the US Bankruptcy Court for the District of New Jersey and reviewed by Forbes Australia.
The filing lists 30 unsecured creditors, and the six players at the top of it are owed a combined $31.4 million in outstanding payments, with the total climbing past $40 million once the remaining player claims are counted.
The players owed money under their LIV contracts, as listed in the Chapter 11 petition:
Jon Rahm – $7,472,527
Bryson DeChambeau – $5,769,231
Dustin Johnson – $5,489,011
Cameron Smith – $4,835,165
Adrian Meronk – $4,436,813
Tyrrell Hatton – $3,373,626
Bubba Watson – $3,324,389
Abraham Ancer – $2,651,099
Ben An – $1,811,011
Brooks Koepka – $1,681,279
Caleb Surratt – $1,331,117
Joaquin Niemann – $1,307,692
Lucas Herbert – $1,012,205
Thomas McKibbin – $973,110
*All figures are in USD.
Crucial Quote
“This process gives us the structure and time to pursue a landmark transaction and begin the next chapter of LIV Golf,” LIV Golf CEO Scott O’Neil said in a statement.
Big Number
$49.6 million: The debtor-in-possession loan the Public Investment Fund has agreed to provide to keep LIV running through bankruptcy, subject to court approval.
Where To Next
LIV intends to exit Chapter 11 in early 2027 under BC Partners, with players as majority owners, fields of 75 and a cut across five continents. Whether the stars stay is the open question.
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