LIV players free to leave after bankruptcy protection filing

The bankruptcy filing was made in the federal district court of New Jersey, where LIV Golf set up a subsidiary earlier in the summer.Chapter 11 protection postpones a US company's obligations to its creditors, giving it time to reorganise its debts or sell parts of the business.PIF is providing a bankruptcy loan of $49.6m (£36.6m) - called 'debtor in possession' (DIP) financing - to help fund the process.When announcing its decision to withdraw funding, PIF said the "substantial investment required by LIV Golf over a longer term" was "no longer consistent" with its strategy.Despite its decision to stop bankrolling LIV Golf, PIF added it "remains committed" to its "substantial current and future investments in various sports as a priority sector".On Tuesday, LIV confirmed international investment firm BC Partners as its proposed new investor in a letter to fans outlining its "next phase"."LIV Golf has entered a court-supervised restructuring process that provides us with the time and framework to address previous financial obligations and complete a transaction that will make the league's next phase a reality," said the letter."Put simply, this process is designed to build a stronge...