After abruptly losing its Saudi Arabian backers earlier this year, the breakaway golf tour has asked a federal judge to help transition the franchise away from its core business model of infinite sovereign wealth.
Documents submitted to a New Jersey bankruptcy court on Tuesday indicate LIV Golf intends to restructure its operations after spending billions to lure top players away from the PGA Tour. The filing asks for immediate judicial relief from the crushing burden of having to sell tickets, secure a profitable broadcast partner, or otherwise operate a viable commercial enterprise without the Saudi Public Investment Fund covering the spread.
We are aggressively exploring all civic-partnership opportunities with the state of New Jersey to ensure Jon Rahm’s remaining $400 million is fully subsidized by local taxpayers, as is in the best interests of the game.
The court docket lists major champions Jon Rahm, Bryson DeChambeau, and Cameron Smith among the league's primary unsecured creditors. The elite athletes, who defected for highly publicized nine-figure guarantees, are now legally grouped with unpaid local catering services and a supplier of aggressive stadium loudspeakers, waiting to see what percentage of their contracts can be salvaged from a liquidation of the league's branded golf carts.
As the league office prepares for a difficult free agency period, executives remain publicly committed to the 2025 schedule. Reached for comment on the upcoming calendar, representatives confirmed the franchise is heavily scouting public park districts that offer competitive twilight rates.