LIV Golf’s biggest star to quit rebel circuit’s revamp
LIV Golf’s prospects of a successful relaunch have been hit after its biggest star decided to quit the rebel tour.
Jon Rahm will not be participating in LIV Golf 2.0, the vision of CEO Scott O’Neil to keep the league competing in 2027.
The news is a body blow to the rebel league which remains publicly bullish about its prospects despite founding backers, the Saudi Public Investment Fund, withdrawing.
“Mr Rahm has independently reviewed the proposed terms of LIV 2.0 … and has determined that those terms are unacceptable to him, and he will not be participating going forward in LIV 2.0,” Rahm’s attorney, John Beck, said on Wednesday in the second bankruptcy hearing since LIV Golf filed for Chapter 11 bankruptcy in the US last month.
According to Beck, Rahm and LIV are working to finalise a separation agreement by October 15. Should they fail, Beck said they will return to the hearing on November 5.
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Rahm, 31, won the individual season LIV Golf title in each of his three years on the circuit, but his record in the majors has declined with no wins and one top five finish in this period.
Documents have previously revealed LIV players are owed at least $US45m ($A65m).
Rahm, whose original deal was worth a reported $300m ($A450m), of which around a third was tied up in future seasons, topped the list with an unsecured claim of $US7.5m ($A10.8m).
Australia’s Cam Smith has an unsecured claim worth $A6.9m and Lucas Herbert $A1.4m.
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Other Australians who signed up for LIV Golf include Marc Leishman, Elvis Smylie and Matt Jones.
Players have the option to leave though the league has an agreement to discuss terms with them until 25 October with LIV 2.0 envisaging players becoming equity owners of both the league and its teams.
Ted Goldthorpe, partner and head of BC Partners Credit, who have said they plan to provide up to $US300m ($A430m) in financing, told the Leaders Week London sports business conference on Wednesday that he saw LIV as a great opportunity.
“Every layer of the onion that we peel back on this thing, the more excited we are about the investment,” he said.
“The players own the teams with us… you’re 100% aligned with the talent. That is really rare in sports.
“If we can show people that this is a sustainable business and league, those teams have tonnes of value.
“When we emerge from bankruptcy, you’ll be surprised at the calibre and quality of people who invest alongside of us. It’s all sports owners, billionaires, people who understand what we’re trying to do,” he said.
-with agencies
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