Post by @themarketstandard

LIV Golf may file for bankruptcy protection as soon as the week of September 7, in federal district court in New Jersey, according to the Financial Times. Saudi Arabia’s Public Investment Fund has invested an estimated $5 to $8 billion into the league since its 2022 launch and announced earlier this year it would end funding after the 2026 season. The league laid off most of its workforce last week after filing a WARN Act notice. Players owed guaranteed payments beyond 2026 have received settlement offers amounting to only a few cents on the dollar, with some offered equity in place of cash. PIF is expected to provide less than $100 million in debtor-in-possession financing if proceedings begin. BC Partners is reviewing LIV’s more than $5 billion in reported net operating losses across the US and UK as part of its investment considerations. Follow for daily business and market news #liv #livgolf #PGATOUR #stocknews #businessnews