LIV Golf announced late Tuesday evening that it has taken 'strategic measures' by filing for Chapter 11 protection in a US court, which signifies the filing for bankruptcy of this breakaway league.
This financial crisis was brewing since April when the Public Investment Fund of Saudi Arabia (PIF) withdrew its primary sponsorship. Chapter 11 status allows LIV to secure debtor financing as a tenant to maintain basic operations.
It is reported that this temporary support of approximately $50 million (799 million Rands) is being provided by PIF while the league seeks a broader partnership with the investment firm BC Partners Credit as a long-term financial sponsor.
A significant consequence of the bankruptcy filing is the cancellation of existing player contracts. Prominent athletes, such as John Ram, who reportedly signed a contract worth up to $500 million, are no longer bound to the league and may return to the PGA Tour or other global tours.
Serious doubts now cloud the entire 2027 schedule, given that the LIV Golf Louisiana and Michigan Team Championships in 2026 have already been canceled.
From a South African perspective, the main concern relates to the fate of LIV Golf SA. The first tournament in March was a huge success, attracting a record home audience of over 100,000 spectators just weeks before PIF ceased funding. Naturally, local fans fear that the event might be canceled.
However, there is a positive aspect. In an open letter published alongside the court filing, LIV Golf CEO Scott O'Neil specifically named South Africa—alongside Australia and Asia—as a vital international market that the league intends to retain for the revamped 'LIV Golf 2.0'. If O'Neil can deliver on these promises, golfers from South Africa may still have the opportunity for the event to return in 2027.