LIV Golf: Players free to leave after competition files for bankruptcy protection

Key Points:

• LIV Golf has filed for Chapter 11 bankruptcy protection in the US to restructure after Saudi Arabia's Public Investment Fund withdrew its multibillion-dollar funding, allowing all players to leave their contracts.
• The league has secured a new investor, BC Partners, and plans to launch a majority player-owned league early next year, with players free to decide their participation regardless of previous contracts.
• The bankruptcy process will address outstanding payments to players and creditors, while LIV Golf aims to build a more sustainable business model with lower prize money than the PGA Tour but higher than the DP World Tour.
• LIV Golf's new model will grant players equity and individual commercial rights, feature larger fields of 75 players, introduce cuts and qualifiers, and expand teams to embrace national identities with aspirations for global sports business growth.
• Despite the funding cut, Saudi Arabia's PIF remains committed to investing in sports, providing $49.6 million in debtor-in-possession financing to support LIV Golf's restructuring efforts.