Will LIV Golf survive its bankruptcy filing? It’s up to the players

LIV Golf's future will be decided in court after the league filed for Chapter 11 bankruptcy on Sept. 8 and detailed plans to restructure under a new investor. Whether the league survives, however, is up to its players — many of whom are owed millions of dollars by the tour.

In documents filed with United States Bankruptcy Court for the District of New Jersey, LIV Golf proposes reforming as a player-owned league with financial backing from private equity firm BC Partners, which has offered a total investment of $300 million. Saudi Arabia's Public Investment Fund (PIF), which is stepping away as the league's primary investor, has offered to provide up to $49.6 million as a bridge loan.

But the bankruptcy is unusual because that agreement is premised on bringing LIV players on board as part-owners, according to corporate bankruptcy expert Jared A. Ellias, the Scott C. Collins Professor of Law at Harvard.

"This is very much not a done deal," Ellias told USA TODAY Sports. "They've set this up where they have some money to try to do this reorganization, and the question is going to be whether or not the players want to try to make this work."

The…

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