LIV Golf files for bankruptcy to facilitate transition to player-owned model

LIV Golf CEO Scott O’Neil has filed for Chapter 11 bankruptcy as part of a restructuring strategy for the professional golf league. In a communication to the league's fanbase, O’Neil described the court-supervised process as a necessary step to address historical financial obligations while positioning the organization for a future transition to player ownership. Despite the filing, the league intends to continue operations and maintain its competition schedule. O’Neil compared this financial reorganization to past efforts by other professional sports organizations, including the Los Angeles Dodgers and Pittsburgh Penguins, to secure long-term viability. The league currently seeks to finalize a transaction that would allow it to operate without the weight of previous debts. The move marks a change in the league's business model following its efforts to integrate elite tournament play with global entertainment.

• 2:55 AMYahoo Sports — Scott O’Neil Declares Bankruptcy Pivot for LIV Golf