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Confirmed
In Short: LIV Golf has filed for bankruptcy, leaving players in limbo and raising questions about the future of the controversial golf league.
LIV Golf, the breakaway golf league founded in 2021, has filed for bankruptcy protection, according to reports. The league, which was backed by Saudi Arabia's Public Investment Fund (PIF), has now found a new investor in BC Partners, but the future of the league remains uncertain. PIF's withdrawal of funding was due to the "substantial investment required by LIV Golf over a longer term" no longer aligning with its strategy.
The bankruptcy filing means that players who had signed multi-year contracts with LIV Golf will no longer be obligated to honor those agreements, according to sources. This includes top players such as Bryson DeChambeau, Dustin Johnson, Cameron Smith, and Tyrrell Hatton, who are among the top 30 creditors, with total claims of over $45 million. LIV Golf chief executive Scott O'Neil expressed confidence in achieving a "critical mass" of players for the new league, but the court process will determine the fate of these contracts.
The decision to withdraw funding from LIV Golf has left players and stakeholders in a state of uncertainty. The league's first season took place in 2022, and its second iteration was set to begin early next year. However, with PIF's decision and the filing for bankruptcy, the future of LIV Golf is now in question. Players will have the option to leave the league, but the timing of their ability to enter discussions with other tours remains unclear.
In the meantime, the financial implications of the bankruptcy filing are significant. LIV Golf is owed at least $45 million by players, and the league's ability to pay these amounts is now in jeopardy. The court process will address these obligations, but the outcome is uncertain. The situation has left players and the golf community in a state of flux, with the future of the league and its players hanging in the balance.
In a related development, LSU's football team has decided not to add two former NFL players to its final roster, according to reports. The decision comes after the SEC threatened to expel LSU from the conference due to the team's attempts to sign multiple players who had previously signed professional contracts. The addition of these players would have required a new NCAA eligibility policy, which was awarded temporary restraining orders to return to college sports. LSU's head coach, Lane Kiffin, had consulted his team's leadership committee, but the decision to exclude the players was ultimately made.
What's still developing
- LIV Golf intends to commence its new majority player-owned league early next year and it is understood the Chapter 11 process allows it to start talking to players about their participation in LIV's future.
- However, it remains unclear when players would then be able to enter discussions with other tours. 'Time will tell' - Rahm on LIV Golf future Strained smiles and uncertainty - the strange end of LIV Golf 1.0 Since LIV's controversial launch in 2021, more than $5bn (£3.7bn) has been spent by PIF, with major winners including Rahm and DeChambeau lured by lucrative contracts and vast prize money.
- Two former NFL players who were attempting to play for LSU will not be added to the Tigers' final 105-man roster, according to an ESPN report confirmed by CBS Sports' Brandon Marcello.
- CBS Sports has confirmed sophomore cornerback Aidan Anding and junior defensive end Gabriel Reliford were the last two players added to the roster, perhaps ending a chaotic storyline that has dominated college football since the season began.
- At halftime of LSU's blowout win over Clemson, Kiffin told ESPN with a 31-3 lead, "imagine if we had NFL players" before jogging off the field.
- LSU wasn't the first school to pursue this path of signing former professional players, CBS Sports' John Talty noted earlier this offseason.