LIV Golf Files for Bankruptcy Protection

Summary

Bloomberg senior sports reporter Randall Williams explains that LIV Golf's New Jersey bankruptcy filing was not a surprise. He says the Saudi-backed league lost far more money than it made after Saudi funding was pulled back, while the PGA Tour recovered quickly with larger capital access and a century-long brand. Williams expects some LIV golfers to return to the PGA Tour while others may stay through the bankruptcy process.

• LIV Golf filed for bankruptcy protection in New Jersey.
• Randall Williams says LIV's losses versus revenue were astronomical after Saudi funding was pulled.
• Saudi backers provided only a bridge for the bankruptcy process rather than continued heavy funding.
• The PGA Tour recovered quickly and could access up to $3 billion via PGA Tour Enterprises.
• Williams says the PGA Tour's 100-year history and familiarity beat LIV's innovation.
• Some LIV golfers may return to the PGA Tour; others may stay with LIV.
• The segment discusses private sports leagues and names no public securities.