LIV Golf files for bankruptcy after Saudi backing withdrawn

LIV Golf has filed for Chapter 11 bankruptcy following Saudi Arabia's Public Investment Fund's withdrawal of multibillion-dollar financial support. The league faces up to $1 billion in liabilities, with more than $45 million owed to 14 current and former players, including Jon Rahm.

LIV plans to restructure in partnership with BC Partners and launch a smaller, player-owned league by 2027. However, the immediate future remains uncertain for the league's top stars, who now face questions about their contracts and earnings.