LIV Golf files for bankruptcy, discloses $15 million cash and $208 million revenue

LIV Golf entered Chapter 11 bankruptcy this week, submitting a 128-page First Day Declaration that outlines the league’s recent financial position. The filing shows the Saudi sovereign wealth fund has contributed about $5 billion since 2021, yet the league retains only $15 million in cash.

Revenue for the most recent year totaled roughly $208 million, with sponsorships accounting for 49 percent, hosting fees 22 percent, ticketing and hospitality 16 percent, merchandise sales 5 percent, broadcasting rights 5 percent and other sources 3 percent. Despite claims of more than 20 broadcast partners reaching an estimated one billion households, television rights generated just $10 million, less than $1 million per event.

Executive spending on corporate credit cards averaged $250,000 annually, or about $3 million when projected over a full year, covering travel, meals and other expenses. The league also maintained a 10,930-square-foot office lease in West Palm Beach, which it subleased to a law firm but continues to seek judicial rejection of the lease agreements due to a net financial loss.

"LIV Golf says Saudi Arabia’s sovereign wealth fund has invested $5 billion in the business since 2021, but LIV has only $15 million in cash remaining," the filing states.

The documents also detail a proposed $1 expansion team purchase by BC Partners, contingent on sponsor and player commitments for the next season, and a loan from Saudi Arabia with a specified interest rate. The filing provides a rare glimpse into the financial structure of a professional sports league.