LIV Golf, the Saudi-funded tour that once aimed to take over professional golf, filed for Chapter 11 bankruptcy protection Tuesday as it attempts to restructure and restart what it called its “next chapter.”
\n\nLIV Golf CEO Scott O’Neil said in a statement that he believed deeply in the future of the tour, which plans to “begin its new era in early 2027.”
\n\n“This process gives us 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,” O’Neil said. “We are excited about what lies ahead and yet, there is still much to accomplish in the months ahead.”
\n\nThe filing in U.S. Bankruptcy Court in New Jersey comes five years after the tour launched with enormous fanfare and the financial backing of Saudi Arabia's Public Investment Fund (PIF), with ambitions no smaller than supplanting the PGA Tour as golf's pre-eminent tour.
\n\nLIV initially signed some of the sport’s biggest names, but its format — which included 54-hole tournaments and team competitions with names like "Crushers GC" — never caught on, and a proposed 2023 merger…
Original source: https://www.nbcnews.com/business