[Photo: Zhizhao Wu]<\/p>\n
LIV Golf is laying the groundwork to potentially file for bankruptcy, according to a report from Bloomberg<\/a>.<\/p>\n Last month, Saudi Arabia\u2019s Public Investment Fund pulled the plug on the five-year-old league, announcing a strategic pivot towards domestic programs and away from global ventures that had failed to generate returns. The cost of the experiment was an estimated $US5 billion to $US8 billion injected into LIV since its 2021 launch. Yasir Al-Rumayyan<\/a> \u2013 PIF governor, LIV\u2019s architect, and chairman of its board \u2013 resigned in the wake of the withdrawal. The league has since installed Gene Davis and Jon Zinman to lead a restructured board<\/a>, describing them as \u201cseasoned experts with proven track records for navigating complex situations and unlocking value for global organisations\u201d.<\/p>\n OPINION: LIV Golf is dying. The damage is permanent<\/a><\/p>\n Earlier this year, LIV chief executive Scott O\u2019Neil acknowledged that breaking even could still be a decade away. In a since-deleted comment on a LIV broadcast, he said the league had funding only through the end of 2026.<\/p>\n RELATED: America is dancing on LIV Golf\u2019s grave \u2013 but are they partying a little early?<\/a><\/p>\n On Monday, Axios reported that LIV is now seeking $US250 million in fresh investment<\/a>, with O\u2019Neil projecting profitability within two years, a sharp reversal from his earlier timeline. But Bloomberg\u2019s reporting states the league is weighing up a headquarters relocation to the United States to take advantage of its more favourable bankruptcy restructuring laws. LIV currently operates across multiple jurisdictions \u2013 the UK, the US and the island of Jersey \u2013 with its ultimate controlling entity remaining in Saudi Arabia. The US is a preferred destination for foreign debtors because its bankruptcy framework shields companies from creditors in other jurisdictions who might otherwise seize assets or enforce judgments.<\/p>\n In response to Bloomberg\u2019s report, a LIV spokesperson told Golf Digest: \u201cLIV Golf is firmly focused on securing a transaction that positions the organisation for the long-term. As we begin presenting our go-forward business plan to prospective capital partners, we are focused on achieving a sustainable future and there are multiple pathways under active exploration. We continue to see great momentum on the course and with support through the 2026 season and a clear plan to raise capital, leadership is focused on identifying the right long-term strategic partners who believe in our mission to grow the game of golf worldwide. These conversations are just getting underway, and as they progress, the company expects to gain further clarity around the structure and timing of a potential transaction.\u201d<\/p>\n As LIV faces an unknown future, Golf Digest has reported<\/a> that managers for several LIV players have begun reaching out to the PGA Tour about paths back. Few are expected to receive anything resembling the unconditional exemption extended to Brooks Koepka. Those who joined LIV\u2019s antitrust lawsuit against the tour face a harder road still, with additional discipline a real possibility.<\/p>\n On the course, LIV has already postponed one event this season. Its marquee attraction, Bryson DeChambeau<\/a>, missed the cut at the PGA Championship for the second consecutive major, although Jon Rahm and Cameron Smith<\/a> both contended at Aronimink.<\/p>\n LIV Golf\u2019s next scheduled event is in two weeks in South Korea.<\/p>\n","protected":false},"excerpt":{"rendered":"[Photo: Zhizhao Wu] LIV Golf is laying the groundwork to potentially file for bankruptcy, according to a report…\n","protected":false},"author":2,"featured_media":437023,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[1763,6133,172906,100319,138824,111,43,139,69,213],"class_list":["post-437022","post","type-post","status-publish","format-standard","has-post-thumbnail","category-sports","tag-article","tag-bankruptcy","tag-bloomberg-report","tag-golf-digest","tag-liv-golf","tag-new-zealand","tag-news","tag-newzealand","tag-nz","tag-sports"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/437022","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=437022"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/437022\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/437023"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=437022"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=437022"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=437022"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}