LIV Golf files for Chapter 11 bankruptcy protection in New Jersey

LIV Golf has filed for bankruptcy protection in a US court after Saudi Arabia's Public Investment Fund stopped its financial support. The golf tour, which started in 2022, owes between $500 million and $1 billion to more than 1,000 creditors. Its assets are worth far less than its debts. At least $45 million is owed to 14 players. Golfer Jon Rahm has the biggest individual claim, at $7.5 million. The Saudi fund will still provide around $50 million to help the tour through the restructuring process. Player contracts will end because of the filing, so golfers can join other tours. A new ownership plan could give the players a majority share in the league.