Officials at LIV Golf, the upstart golf league initially backed by Saudi investors, remain hopeful that Bryson DeChambeau and Jon Rahm will help rebuild the bankrupt circuit as a slimmed-down, player-owned league.
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But first, they must sort out what LIV owes two of golf’s biggest names.
Rahm and DeChambeau, who defected from the PGA Tour when LIV launched, are listed as the circuit’s two largest unsecured creditors in court records filed Tuesday, when LIV Golf sought Chapter 11 bankruptcy protection in New Jersey.
The filing effectively marks the end of LIV’s first incarnation: a breakaway circuit launched and bankrolled by Saudi Arabia’s sovereign wealth fund that reportedly burned through more than $5 billion in four years.
Rahm is owed nearly $7.5 million, according to the filing, while DeChambeau is listed with a $5.8 million claim. Golfers Dustin Johnson, Cameron Smith and Adrian Meronk round out LIV’s five largest unsecured creditors. Each is owed more than $4.4 million under player participation agreements. The golfers are likely owed much more because the liabilities listed in the filing reflect only LIV’s third-quarter obligations, not the full remaining value of their contracts, according to the Financial Times.
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LIV said it remains in advanced discussions with players about participating in the reorganized league, which is expected to be majority-owned by them.
Saudi Arabia’s Public Investment Fund has agreed to provide $49.6 million to fund operations during the bankruptcy process, subject to court approval.
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