SAUDIS DECIDE THEY ARE BORED WITH GOLF, FILE FOR BANKRUPTCY

LIV Golf filed for Chapter 11 in New Jersey federal bankruptcy court on Tuesday. Saudi Arabia's Public Investment Fund really thought that pro golf needed shotgun starts and team nicknames but, after four years and more than 5 billion dollars later it's walking back on that claim. The PIF pulled its funding back in April, reportedly while burning $100 million a month, and governor Yasir Al-Rumayyan quit as chairman not long after. The same fund is now floating $49.6 million in debtor-in-possession financing, subject to court approval, which is the going rate for backing out of a $5 billion deal. The plan, under a restructuring agreement with BC Partners Credit, is a leaner "LIV 2.0" majority owned by the players. Generous, until you read the creditor list and find that the players are the ones holding the bag: Rahm at $7.47 million, Bryson DeChambeau at $5.76 million, Dustin Johnson at $5.48 million, Cameron Smith at $4.85 million. The company listed assets of $100 million to $500 million against liabilities of $500 million to $1 billion. Congratulations, fellas, it's yours. The good news for golf fans is that nobody is obligated to join LIV 2.0 regardless of those multi-year deals, so every guy who took the guaranteed Saudi cash is free to leave and return to the PGA. It seems the divide in professional golf in coming to a close in a fashion not many saw coming 4 years ago.

Why you should give a shit: The entire sales pitch was guaranteed money, and the payout is now equity in a league that owes its four biggest stars over $23 million and just filed for bankruptcy.