Breakaway league LIV Golf files for bankruptcy protection

Professional men's golf league LIV Golf has filed for bankruptcy protection in the US.

In a statement, LIV Golf said that under the chapter 11 bankruptcy plans the "reorganised company" was expected to be majority-owned by players, whom it is in advanced discussions with.

Sky News understands LIV Golf is entering talks with players about whether they take part in a new series next year with the existing stars able to leave.

LIV Golf, which was founded in 2021, said it would create "an ownership structure aligning players' interests with the league's long-term success".

Saudi Arabia's Public Investment Fund (PIF) had decided not to continue its funding beyond the 2026 season, having spent more than $5bn (£3.6bn) over five years.

LIV Golf, which cancelled two events during this season, told its workforce last ​month that it was scaling back ​operations and dismissing employees.

The company ‌has between $500m (£370m) and $1bn (£730m) in liabilities, and between $100m (£74m) and $500m in assets, according to its chapter 11 petition.

'Incredible resilience'

Several of its high-profile players - including Jon Rahm and Bryson DeChambeau - have been linked with returns to the PGA Tour.

LIV Golf chief executive Scott O'Neil said on Tuesday: "The people of LIV Golf, led by the players, have continued to show incredible resilience, commitment, and a shared belief in what we are building.

"Thanks to their tireless work, LIV Golf has created a foundation to entertain and inspire the next generation of global golf fans around the world."

Read more from Sky News:
Explainer: The UK's trade ban with Israeli settlements
UK summons Serbian diplomat over 'Butcher of Bosnia' funeral

Concerns around the league's future had been growing in recent weeks, despite O'Neil saying last month he was optimistic of its long-term future amid "extremely challenging" circumstances.

In August, LIV Golf slashed the prize pool for the season-ending event in Indianapolis, and Sky News understands that some players - including Rahm, DeChambeau and Dustin Johnson - are still awaiting payments from the previous tournament.

At least $45m (£33m) is owed to players, Sky News understands.

LIV Golf's announcement comes just hours after Rahm told reporters he still had a contract that he was "more than willing to fulfil", with the Spaniard still reportedly having more than $100m (£74m) remaining on the multi-year contract signed at the end of 2023.

(c) Sky News 2026: Breakaway league LIV Golf files for bankruptcy protection