LIV Golf files for bankruptcy amid financial restructuring plan

LIV Golf is seeking Chapter 11 protection following the cessation of funding from its Saudi backers in April. The league owes millions in unpaid salaries and has proposed a plan requiring players to exchange their unpaid wages for equity in the reorganized entity, dubbed 'LIV 2.0'. Players must decide by October 13 whether to accept this proposal, which aims to secure a $300 million investment. Some golfers, including Sergio Garcia, are challenging their contracts amid the restructuring uncertainties. The Public Investment Fund's withdrawal of financial support has led to critical cash flow issues, forcing significant changes to the league's business model.

• 11:05 AMYahoo Sports — LIV Golf’s Bankruptcy Plan Relies On Player Equity Swap