LIV Golf files for bankruptcy to facilitate league restructuring

LIV Golf filed for Chapter 11 bankruptcy this week, setting a deadline of October 13 to secure commitments from its player roster. The league plans to utilize $300 million in exit financing from BC Partners to continue operations, provided that at least 50% of players with claims agree to the terms. Documents submitted to the New Jersey bankruptcy court revealed that broadcast rights accounted for only 5% of the league's total revenue during its five-year history. Additionally, the filing confirmed the layoff of 289 employees, representing 90% of the total staff. Independent directors were added to the board as early as April to manage the restructuring process as the organization sought new investment capital.

• 10:00 PMGolf.com — 9 revealing findings inside LIV’s bankruptcy filings