LIV Golf, facing financial difficulties following the suspension of support from Saudi Arabia's Public Investment Fund (PIF), has filed for bankruptcy protection in a U.S. court.

Bloomberg, Reuters, and AFP reported on the 9th (Korean time) that "LIV Golf has filed for bankruptcy protection (Chapter 11) in a U.S. court in New Jersey."

Chapter 11 is a U.S. court-supervised process that allows businesses to resolve their financial obligations.

Given that it allows a company to undergo rehabilitation proceedings while maintaining management control, LIV Golf appears to have utilized this system to buy time to secure new investors.

LIV Golf also posted a letter titled "A Letter to LIV Golf Fans" on its website under the name of CEO Scott O'Neill, stating, "We have entered a court-supervised restructuring process to step into our next phase."

"Our goal is not to maintain the status quo, but to make it better," LIV Golf said, expressing its intention to continue hosting tournaments.

CEO O'Neill promised that events across five continents will continue, while also pledging to expand the player field to 75, introduce a cut system, and institute Monday qualifiers.

Launched in 2022, LIV Golf leveraged massive financial backing to lure top-tier players from the PGA Tour.

However, it faced financial hardships after the PIF announced the halt of its support earlier this year.

Although LIV Golf stated that it will continue tournaments by gathering new investors despite filing for bankruptcy protection, its future remains uncertain.

LIV Golf has not officially disclosed the identity of any new investors.

Whether top-tier players like Bryson DeChambeau (U.S.) and Jon Rahm (Spain) will remain with LIV Golf is also expected to be a major variable.
 
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