LIV Golf filed for bankruptcy protection in the US on Tuesday as it attempts to restructure for a “new era” next year. The move comes as the league owes at least $45m (£33m) to 14 current and former players, including star golfers like Bryson DeChambeau and Jon Rahm, who are now able to leave the league.
The DP World Tour has stated it is receiving a “high volume” of interest from LIV Golf players and is exploring ways to accommodate those who depart the breakaway league, provided they are free from contractual restrictions and adhere to membership regulations. A spokesperson for the DP World Tour said, “Given the high volume of inbound interest and enquiries we have received in recent weeks, we are exploring the terms on which we are willing to accommodate players, provided they are free from third-party contractual restrictions and are willing to abide by our membership regulations. Our tournament committee has approved the process we intend to follow and we expect further enquiries in the days ahead.”
Court documents reveal LIV estimates its assets at $100m-$500m (£74m-£370m) and its liabilities at between $500m and $1bn (£370m-£739m). Plans for LIV 2.0 center around establishing a “sustainable business model.” The restructuring requires a “requisite number of players” to enter the agreement within 35 days of the bankruptcy petition. This means at least two-thirds of the total amount and half of the number of eligible player claims – those owed money by LIV Golf – must be represented by players signing up for LIV 2.0 by mid-October. Several top players, including Jon Rahm, who is owed $7.5m (£5.5m), Bryson DeChambeau, Dustin Johnson, Cameron Smith, and Adrian Meronk, are among those with the largest claims.
Jon Rahm commented, “Time will tell” regarding the future of LIV Golf.
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