LIV Golf Files for Bankruptcy Protection

LIV Golf, a professional golf league formed four years ago, has filed for Chapter 11 bankruptcy protection. The league aimed to disrupt the established golf tour system by offering lucrative contracts to top players.

The filing lists several major creditors, including seven top professional golfers who are collectively owed as much as $7.5 million. The league's financial struggles have become apparent despite significant initial investment.

Launched in 2022, LIV Golf attracted several high-profile players from the PGA Tour, creating a schism within professional golf. The league's business model relied heavily on funding from Saudi Arabia's Public Investment Fund.

Details regarding the restructuring plan or the future of the league were not immediately available following the bankruptcy filing.