LIV Golf Files for Chapter 11 Bankruptcy Protection, Searching for New Investment

LIV Golf has filed for bankruptcy protection as the upstart golf league faces a Saudi funding cliff and searches for new investment.

The golf venture — initially backed by Saudi Arabia’s Public Investment Fund, or PIF — said Tuesday it has entered into a restructuring support agreement with BC Partner Advisors LP, the credit arm of private equity firm BC Partners. As part of the agreement LIV agreed to seek Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey.

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