LIV Golf files for bankruptcy protection

LIV Golf — the Saudi-backed league that upended the sport with a costly splash but failed to identify a viable business model — filed for Chapter 11 bankruptcy protection on Tuesday. Why it matters: It's an ignominious turn of events for a brash organization that lured some of the biggest stars away from the PGA Tour with enormous paydays that proved to be unsustainable. The big picture: LIV represents a high-profile flop for its Saudi investors. The bankruptcy filing comes after months of efforts to lure new backers and chart a new path for a league that struggled to draw significant TV ratings. Catch up quick: The Public Investment Fund — Saudi Arabia's sovereign wealth fund — confirmed in April that it was withdrawing support for the league after the 2026 season. PIF — which ultimately plunged more than $5 billion into LIV, according to Money in Sport — decided to ditch LIV after President Trump's war in Iran scrambled geopolitics in the Middle East and jolted energy prices. The fund said in a statement that the "substantial investment required by LIV Golf over a longer term is no longer consistent with the current phase of PIF's investment strategy." Between the lines: LIV said Tuesday that it had secured a restructuring support agreement from an arm of BC Partners to reorganize operations and emerge "majority owned by players." The bankruptcy could lead to the severing of key contracts, including with star players like Jon Rahm, whose defection to LIV was considered a significant loss for the PGA Tour. It could also serve as a major turning point in the career of superstar Bryson DeChambeau, one of the initial players to leave the PGA for LIV. PGA Tour CEO Brian Rolapp has made it clear that any players who want to return will need to earn their way back, calling the tour a meritocracy by its nature. LIV said Tuesday that it "remains in advanced discussions with" the players. Friction point: Critics of LIV and the players who joined it said the league amounted to "sportswashing" as the Saudis sought to redirect attention from human rights abuses. Defenders — including LIV member and former PGA superstar Phil Mickelson — said the league would help grow the game on a global scale.

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