LIV Golf is doing whatever it can to stay alive after the Public Investment Fund (PIF) ended its monetary commitment to the league — however, it may now need to stay afloat without its best player.
Jon Rahm shocked the golf world nearly three years ago when, after publicly dismissing the league, he joined it on a deal that was rumored to be between $300 and $600 million.
But at Wednesday’s bankruptcy hearing, Rahm’s attorneys stated that he will not be part of what has been dubbed “LIV 2.0.”
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Rahm “has independently reviewed the proposed terms of LIV 2.0 … and has determined that those terms are unacceptable to him, and he will be not be participating going forward,” according to Front Office Sports.
The PIF halted funding in April to redirect money toward domestic projects and manage financial pressures from the regional war with Iran. Following the decision, PIF governor Yasir Al-Rumayyan resigned from LIV’s board.
LIV filed for Chapter 11 bankruptcy in New Jersey last month. Between 2021 and 2026, LIV spent an estimated $5 billion to $8 billion. Bankruptcy filings show the league owes millions of dollars in unpaid compensation to top players, including Rahm, Bryson DeChambeau, Dustin Johnson and Cam Smith.
Rahm is reportedly owed more than $7 million and was “more than willing to fulfill” the details of his original contract.
PIF provided $50 million to help LIV pay its bills and continue operating during the bankruptcy case. The league’s future depends on a proposed restructuring plan called “LIV 2.0.”
Under the proposal, London-based private equity firm BC Partners, which has financial ties to player agency GSE Worldwide, would fund a 2027 relaunch. The plan would also give the players majority ownership of the league.
LIV has laid off most of its operational staff, left event contractors waiting for payment and faces a lawsuit from the Premier Golf League alleging breach of confidence and conspiracy.
Brooks Koepka was the first big name to leave LIV Golf, doing so late last year and returning to the PGA Tour. Patrick Reed followed in his footsteps shortly after.
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Shortly after the PIF pulled its funding, LIV CEO Scott O’Neil said the LIV calendar would not be altered, but that did not occur. The league’s originally-scheduled championship weekend was cancelled, forcing it to be played a week earlier.
Rahm is a two-time major winner, winning the 2021 U.S. Open and the 2023 Masters. He and Tyrell Hatton were the lone LIV Golfers on Team Europe during last year’s Ryder Cup.
OutKick’s Alejandro Avila contributed to this report.
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