LIV Gold is no more after filing for bankruptcy and revealing that lawyers intend to liquidate the enterprise and dump “LIV 2.0.”
\n\n“The debtors are not currently proceeding with the LIV 2.0 plan,” LIV attorney Matthew Williams said in court. “Instead, the debtors are toggling to a value-maximizing wind-down in their business.”
\n\nThe latest news comes on the heels of reports that LIV’s hoped for investor, BC Partners, decided not to pony up the $300 million infusion of cash into the operation, according to the New York Post.
\n\nSeveral of LIV’s top names had already begun talking about abandoning the league, including Jon Rahm and Sergio Garcia. But LIV spokesman Bryson DeChambeau said he had as many as 30 golfers lined up to join if LIV 2.0 came into being.
\n\nOthers already involved in the league had hoped to begin negotiations for new contracts.
\n\nSpeaking of agreements, LIV had already promised to lay out$6.375 million to retain CEO Scott O’Neil as part of a $15.6 million fund to pay seven of its executives. It is unclear what will happen to those deals as the league goes under.
\n\nThe league has suffered several blows ahead of losing the $300 million investment.
Original source: https://www.breitbart.com/sports/
