A U.S. court has conditionally approved LIV Golf's restructuring plan, giving the breakaway league a minimal foothold to keep operating next year.
A New Jersey court approved the restructuring plan that LIV Golf agreed with private equity firm BC Partners, golf outlet Golf Channel reported on the 15th, Korea time. The agreement includes $300 million (about 402.7 billion won) in loans and investment to put the league back on a stable footing.
The ruling buys LIV Golf time to pursue its league plans into next season, when financial support from Saudi Arabia's Public Investment Fund (PIF) is set to end. Under the deal, LIV Golf players will hold a 52.5% stake, minority investors including BC Partners will hold 45%, and management will take the remaining 2.5%.
Even with the court's approval, LIV Golf's future remains uncertain, as marquee players continue to signal their departures. Earlier this month, Jon Rahm of Spain said through legal counsel that he would not re-sign, and 19 other prominent players, including Bryson DeChambeau and Dustin Johnson of the United States, also declined to extend their contracts.
External pressure has intensified as well. The DP World Tour, which had allowed LIV Golf players to compete in its events, said it will no longer permit them to do so starting next year. The tour recently asked LIV Golf players to submit written pledges by Nov. 16 that they would not play in LIV Golf events.
Guy Kinnings, chief executive of the DP World Tour, told the BBC that players face a moment of decision and that the tour would no longer grant exemptions allowing some players to compete.
LIV Golf's attorneys countered that the DP World Tour's demand for immediate decisions and its restrictions on participation amount to a deliberate attempt to obstruct LIV's player recruitment and restructuring, and called for the measures to be withdrawn immediately.