'Debt of 1.34 trillion won' even superstars' prize money unpaid... LIV Golf files for bankruptcy protection

*This content was translated by AI.

It appears the financial crisis cannot be escaped. LIV Golf, launched with astronomical funding support from Saudi Arabia's Public Investment Fund (PIF), has filed for bankruptcy protection in a U.S. court while owing more than $45 million (approximately 60 billion won) to its affiliated players.

British media outlet 'BBC' reported on the 9th (Korean time) that "LIV Golf filed for bankruptcy protection under Chapter 11 of the U.S. Federal Bankruptcy Code without paying at least $45 million (approximately 60.3 billion won) to players," adding that "as a result, affiliated players have gained the option to leave the tour."

LIV Golf stated that it submitted its bankruptcy protection application to the U.S. District Court in New Jersey on the 8th to maintain corporate operations and proceed with restructuring after Saudi Arabia's sovereign wealth fund abruptly withdrew financial support amounting to billions of dollars. It explained that after the decision by Saudi Arabia's sovereign wealth fund to recall funds in April, it secured BC Partners, a multinational private equity firm, as a new investment partner.

However, according to the list of unsecured creditors submitted with the bankruptcy application, the debt amount tied up among just 14 former and current players ranked in the top 30 for unpaid amounts exceeded $45 million.

Jon Rahm, who has won two major championships, was found to hold the largest unsecured claim of $7.5 million (approximately 10 billion won), making him the player who received the least money. Bryson DeChambeau ($5.7 million), Dustin Johnson ($5.5 million), Cameron Smith ($4.8 million), and Tyrrell Hatton ($3.4 million) followed. Brooks Koepka, who returned to the U.S. PGA Tour from LIV in January, was also confirmed to hold unpaid claims of $1.7 million.

Furthermore, it is reported that this figure does not represent the total unpaid amount but rather the unpaid amount as of the third quarter of 2026. According to court documents, LIV Golf's estimated assets range from 10 billion won to 5 billion won, while its debt reaches 5 billion won to $1 billion (approximately 670 billion to 1.34 trillion won).

As a result of this court filing, it is known that multi-year contracts signed under the original LIV Golf 1.0 structure have been terminated. Players are not obligated to join the newly launching LIV 2.0 and are free to negotiate with other tours.

Since its launch in 2021, LIV Golf poured astronomical oil money of over $5 billion (approximately 6.7 trillion won) from Saudi Arabia's sovereign wealth fund, acquiring top-tier stars with massive prize money and signing bonuses, but faced the tragedy of an early season closure for the 2026 season as funding dried up. The Saudi sovereign wealth fund agreed to provide $49.6 million in court receivership funds to support the bankruptcy process while halting financial support.

LIV Golf plans to launch a new league structure in which players will own a majority stake by early next year. Scott O'Neill, CEO of LIV Golf, stated that he is preparing for a fresh start with a sustainable model centered on fans and players, announcing plans to expand the number of participating players to 75 and introduce a cut elimination system; however, amidst massive debt and a phase of comprehensive contract terminations, confusion surrounding the departure and return of star players appears inevitable.

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*This content was translated by AI.