LIV Golf files for bankruptcy while owing tour’s stars millions

LIV Golf filed for bankruptcy protection after months of speculation about its future, but league officials said the move is intended to facilitate a restructuring and launch a new player-owned version of the tour.

LIV Golf announced on Tuesday, Sept. 8, that it voluntarily entered into a court-supervised restructuring process via chapter 11 petition in the United States Bankruptcy Court for the District of New Jersey. LIV's press release reiterated its revamped format will be majority-owned by the players. CEO Scott O'Neill also acknowledged a new investor in BC Partners, the private equity firm he previously declined to name publicly after reports tabbed it as the league's new potential partner.

LIV Golf lists assets of $100 million to $500 million, and liabilities of $500 million to $1 billion, according to court documents obtained by USA TODAY.

O'Neil said in a statement in conjunction with the bankruptcy filing this financial maneuver will give LIV Golf "the structure and time to pursue a landmark transaction and begin the next chapter of LIV Golf – one built around the fans, an innovative, player-first ownership model, and a part of the global golf ecosystem."

"We will not rest until we deliver on LIV Golf’s…

Original source: https://www.usatoday.com/sports/