LIV Golf paid $15.6m to top execs as Saudis pulled funding and tour declared bankruptcy, court files reveal

LIV Golf, the controversial golf league funded by Saudi Arabia’s Public Investment Fund (PIF), distributed approximately $15.6 million in retention payments to seven senior executives shortly before declaring Chapter 11 bankruptcy in September 2026. These payments occurred during a critical window as the Saudi sovereign wealth fund withdrew its financial backing, precipitating the tour’s financial collapse.

Among those receiving substantial sums was CEO Scott O’Neil, who was paid $6.375 million as a retention bonus. O’Neil, formerly of Madison Square Garden, also received a separate $2.7 million bonus earlier in the year. Chief Financial Officer David Phillipps and Chief Legal Officer John Ruzich were compensated $3.37 million and $2.6 million respectively, reflecting the league’s efforts to maintain leadership stability during the impending bankruptcy proceedings.

The financial disclosures, made public through filings in the U.S. Bankruptcy Court in New Jersey, also shed light on significant player payouts. Top golfers such as Jon Rahm, Bryson DeChambeau, and Dustin Johnson received multimillion-dollar payments within the year preceding the bankruptcy filing. Rahm alone was paid $26 million but has since severed ties with the league, reportedly foregoing an additional $100 million owed to him by LIV Golf.

The departure of Greg Norman, LIV Golf’s inaugural CEO, was marked by a $5.8 million settlement and a $3.6 million bonus, paid out after his January 2025 exit. Norman’s tenure coincided with the league’s aggressive launch in June 2022, during which Saudi Arabia’s PIF reportedly invested over $5 billion to attract elite PGA and European Tour players through lucrative contracts.

Despite the financial turmoil, LIV Golf continues restructuring efforts under new backers, notably BC Partners Credit, which has pledged up to $300 million towards a proposed relaunch dubbed "LIV 2.0." This restructuring aims to reduce prize purses from previous levels near $20 million per event to approximately $9 million, with a focus on team-based tournaments.

However, player retention remains a significant challenge. Several prominent golfers, including Rahm, Sergio Garcia, Louis Oosthuizen, Adrian Meronk, and emerging talent David Puig, have either ended their contracts or indicated plans to leave, raising questions about the viability of the revamped league.

The bankruptcy filings also reveal outstanding debts to various service providers. Canadian firm Mobbi Systems Group has sued for over $1 million related to the league’s broadcast technology, while Fresh Tape Media, a Colorado-based production company, claims $1.2 million for media services. These claims highlight the extensive operational costs behind LIV’s global tournaments, which featured multiple teams, music during rounds, and post-event concerts.

Other creditors listed include the American Society of Composers, Authors and Publishers (ASCAP), which is owed approximately $178,000, and a broadcaster named Jerry Foltz. These debts underline the broad network of collaborators involved in LIV Golf’s ambitious but ultimately unsustainable production model.

As the bankruptcy case progresses, a hearing is scheduled for November 5, 2026, where the league’s restructuring plan will face judicial review. BC Partners initially set a deadline for players to commit to the new iteration of LIV Golf, though extensions to this deadline remain possible.

The financial unraveling of LIV Golf demonstrates the complexities faced by a sports entity heavily reliant on sovereign wealth funding, with substantial payouts to executives and players preceding a stark funding withdrawal. How the league will reinvent itself amid shrinking prize funds, legal claims, and player defections remains closely watched by stakeholders across the golf and sports investment communities.