LIV Golf to file for bankruptcy

LIV Golf may file for bankruptcy protection as soon as the ​week of September 7, the Financial Times reported ‌on Monday, citing people briefed on the negotiations.

Last week, the professional men's golf league said it had laid off most of ​its workforce while it continued to secure ​funding for its next phase, with financial backing ⁠from Saudi Arabia's Public Investment Fund (PIF) set to expire.

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LIV ​Golf recently sent settlement offers to current players ​who are owed millions in guaranteed payments beyond 2026, with initial offers amounting to only a few cents on the dollar, ​the report said, as the Saudi sovereign wealth ​fund has been reluctant to provide additional funding.

Reuters could not immediately ‌verify ⁠the report. LIV Golf and PIF did not immediately respond to a Reuters request for comment outside regular business hours.

PIF has poured more than $5 billion ​into LIV ​Golf since the ⁠breakaway circuit launched in 2022 but said in April it would cut ​funding at the close of the league's ​2026 ⁠season.

The bankruptcy could be filed in the federal district court of New Jersey, the newspaper reported. It added ⁠that ​PIF is expected to provide ​a bankruptcy loan of less than $100 million, without committing additional funding.