Overview
- Reporting from the Financial Times says LIV is preparing to seek Chapter 11 bankruptcy protection as it tries to restructure its obligations, though that account has not been confirmed by LIV or its backer and Reuters could not verify the report.
- The league has laid off most U.S. and U.K. staff as it pursues emergency talks with outside investors to fund a pared-down 'LIV 2.0' operation.
- Saudi Arabia’s Public Investment Fund has invested more than $5 billion since 2022 and in April said it would end routine funding after the 2026 season; the FT reports PIF may offer a short-term bankruptcy loan under $100 million but has not committed further support.
- LIV has sent low-value settlement offers to current players who are owed guaranteed payments beyond 2026, with initial proposals reportedly worth only a few cents on the dollar and likely to be contested by players.
- If filed, the bankruptcy would be used to renegotiate player guarantees, vendor contracts and other fixed costs as LIV seeks to raise a smaller round of financing and convert creditors into equity for a slimmer business model.