LIV players free to leave after bankruptcy protection filing
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- LIV Golf filed for Chapter 11 bankruptcy protection after Saudi Arabia’s Public Investment Fund withdrew its funding.
- The league says BC Partners has become a new investor and that it plans to launch a majority player-owned league early next year.
- Players face no obligation to join the new version, while existing contracts and payments to players and creditors will be addressed through the court process.
LIV Golf’s players are free to leave after the breakaway league filed for Chapter 11 bankruptcy protection in the United States.
LIV said it filed the petition on Tuesday to “preserve the company’s business” as it restructures after Saudi Arabia’s Public Investment Fund withdrew its multibillion-dollar funding. The league says it has found a new investor in BC Partners.
LIV intends to launch a new league early next year, with players holding the majority of ownership. The Chapter 11 process allows the organization to begin discussions with players about taking part in that future competition.
However, BBC Sport understands that players will not have to sign up for the new league, even if they previously agreed to multiyear contracts with LIV Golf. Sources said those earlier contracts will end because of the court filing, with money owed to players and other creditors handled through the bankruptcy process.
It remains unclear when the players will be able to discuss moves to other tours.
preserve the company’s business
About this summary
Originally published by BBC News. Summarized and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.
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