LIV Golf Shaken, Files for Bankruptcy Protection in U.S. Court

Buying Time After Saudi Support Ends
Rehabilitation Process While Maintaining Management Control
Letter to Fans: "Tournaments Will Continue"

LIV Golf has filed for bankruptcy protection in a U.S. court.

According to reports from Bloomberg, Reuters, and AFP on September 9 (Korean time), “LIV Golf has filed for bankruptcy protection (Chapter 11) in a New Jersey court in the United States.” Chapter 11 is a U.S. court-supervised procedure that allows companies to address their financial obligations while maintaining control over management and pursuing rehabilitation. It appears that LIV Golf is using this system to gain time to secure new investors.

LIV Golf has filed for bankruptcy protection in a New Jersey court in the United States. Photo by AFP News Agency

Scott O’Neil, Chief Executive Officer (CEO), posted a message titled ‘A Letter to LIV Golf Fans’ on the official website. Announcing that “the company has entered a restructuring process under the supervision of the court to move on to the next stage,” CEO O’Neil stated, “Our goal is not simply to maintain the current situation, but to make it even better.”

CEO O’Neil said that tournaments spanning five continents will continue in the future. He promised to increase the number of participating players to 75, introduce a cut-out system, and implement Monday qualifiers.

Launched in 2022, LIV Golf attracted top professional golfers from the PGA Tour with its massive financial resources. However, at the beginning of this year, it encountered financial difficulties when the Public Investment Fund (PIF) of Saudi Arabia withdrew its support. The situation has become unclear as to whether next year’s tour can proceed as scheduled, with the final event already canceled. LIV Golf has not officially disclosed who the new investors are.

This content was produced with the assistance of AI translation services.