LIV Golf files for bankruptcy protection

LIV Golf, the Saudi-backed league, has filed for Chapter 11 bankruptcy protection. Despite attracting top stars from the PGA Tour with massive payments, the organization failed to establish a viable business model or secure significant TV ratings. The Public Investment Fund, Saudi Arabia's sovereign wealth fund, confirmed the filing after unsuccessful attempts to find new backers. This bankruptcy marks a high-profile failure for the investors who aimed to challenge the supremacy of the PGA Tour.