LIV Golf paid executives $15.6 million before bankruptcy

LIV Golf paid about $15.6 million in retention bonuses to seven executives before filing for Chapter 11 bankruptcy, according to court records, as the league seeks to restructure after Saudi funding is set to end. Chief Executive Scott O’Neil received $6.375 million on June 24, the filings show. Chief Financial Officer David Phillipps received about $3.37 million and Chief Legal Officer John Ruzich received $2.6 million that day. O’Neil also received a separate $2.7 million bonus on February 13. The retention payments were made as LIV faced financial uncertainty, and its filings do not establish that the bonuses were tied to any particular restructuring outcome. LIV filed for Chapter 11 protection on September 8. Saudi Arabia’s Public Investment Fund, which backed the league since its launch in 2022, plans to end its financial support after the 2026 season. The fund had spent more than $5 billion on LIV, according to the court reporting. BC Partners Credit has pledged up to $300 million toward a proposed restructuring known as LIV 2.0. The proposed plan would reduce individual tournament purses from $20 million to about $9 million and target at least 10 tournaments, with a...