Business · Companies · 3 hrs ago
LIV Golf paid executives $15.6 million before filing for bankruptcy
LIV Golf paid $15.6 million to retain seven executives in the months before it filed for Chapter 11 bankruptcy.
The payments included $6.375 million for CEO Scott O’Neil and were made after Saudi Arabia’s Public Investment Fund said it would end its financial support after the 2026 season.
The fund had spent more than $5 billion on the league since it launched in 2022, helping it attract top players with large bonuses.
LIV is now trying to reorganize without that backing, and BC Partners Credit has pledged up to $300 million for a proposed new version called LIV 2.0.
Several prominent players, including Jon Rahm and Sergio Garcia, have left or indicated they will leave, creating uncertainty about the league’s future.
LIV 2.0 aims to hold at least 10 tournaments, focus on team golf and offer smaller individual prize funds than before.
A bankruptcy court hearing is scheduled for November 5, and players are being asked to decide whether to join the new version.
LIV Golf paid $15.6 million to retain seven executives before filing for Chapter 11 bankruptcy, according to court records.
CEO Scott O’Neil received $6.375 million, while the payments also included $3.37 million for CFO David Phillipps and $2.6 million for chief legal officer John Ruzich.
The payments were made after Saudi Arabia’s Public Investment Fund said it would end financial support and before LIV filed for bankruptcy on September 8.
The records also show $26 million paid to Jon Rahm in the year before the filing and 129 payments to creditors in the 90 days before it.
BC Partners Credit has pledged up to $300 million to support a proposed continuation called LIV 2.0.
- Who
- LIV Golf paid seven executives, including CEO Scott O’Neil.
- What
- It paid $15.6 million in executive retention payments before filing for Chapter 11 bankruptcy.
- When
- The payments were made in the months before the September 8 filing. O’Neil, Phillipps and Ruzich received payments on June 24.
- Where
- The payments are detailed in documents filed in U.S. Bankruptcy Court in New Jersey.
- Why
- The payments were described as retention payments to keep executives through the bankruptcy process.
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O’Neil received a $2.7 million bonus.
O’Neil received $6.375 million, CFO David Phillipps received $3.37 million and chief legal officer John Ruzich received $2.6 million.
LIV Golf filed for Chapter 11 bankruptcy.
A hearing in LIV’s bankruptcy proceeding is scheduled in bankruptcy court.
- Executive payments
- $15.6 million to retain seven executives
- CEO payment
- Scott O’Neil received $6.375 million
- Bankruptcy filing
- September 8
- Court location
- U.S. Bankruptcy Court in New Jersey
- Proposed backing
- BC Partners Credit pledged up to $300 million for LIV 2.0