اخبار محلية The Bankruptcy of “LIV Golf” with Losses Exceeding 5 Billion Dollars Opens the Financial Oversight File in Saudi Arabia

اليكم الان The Bankruptcy of “LIV Golf” with Losses Exceeding 5 Billion Dollars Opens the Financial Oversight File in Saudi Arabia والان إلى التفاصيل من المصدر الخبر اليمني:

The curtain officially fell on the “LIV Golf” league in the American bankruptcy court after the announcement of the liquidation of its business and assets, coinciding with the halt of the funding of the Saudi Public Investment Fund, which pumped into the project more than five billion dollars between the middle of 2021 and February 2026.Follow-ups — Al-Khabar Al-Yemeni:The liquidation decision came after the failure of the league and its potential partner “BC Partners” to secure sufficient support from the players to launch a new version known as “LIV 2.0,” along with the departure of prominent stars and the reluctance of others to join, which prevented the building of a sustainable sports entity.The financial documents and the court books revealed the accumulation of huge losses that exceeded one billion dollars for the British company’s arm alone by the end of 2024, with the total losses approaching two billion dollars by the end of 2025, in light of commercial revenues from broadcasting, advertising, and sponsorship that remained below the level of the huge spending.The documents made clear that the company’s obligations exceeded 500 million dollars, including about 15.6 million dollars paid as retention packages for seven executives, among them 6.375 million dollars for the CEO Scott O’Neil, which were disbursed after the Fund announced the halt of its support and before the official filing of the bankruptcy request, along with the existence of 129 claims from creditors and suppliers.This bankruptcy and the liquidation of the assets come in conjunction with the approval of the budget of the Kingdom of Saudi Arabia for the year 2026, which expected the recording of a financial deficit of 165 billion riyals, following estimated revenues of 1.147 trillion riyals and expenditures of about 1.313 trillion riyals. At a time when the official bodies affirm the focus on the efficiency of government spending and its strategic priorities, the halt of the project and the accumulation of its losses raised questions about the oversight mechanisms and the responsibility of the management of the Fund and the project for the economic feasibility estimates and the criteria for pumping these funds throughout the past years.With the file moving to the bankruptcy court to determine the fate of the remaining assets and settle the dues of the creditors, the questions of accountability and financial disclosure remain pending regarding the parties that approved the spending path and managed the exit plan. The judicial developments call for an accurate disclosure of the decisions and assumptions that accompanied the project since its launch, to ensure a review of the path of employing public funds in the stumbling foreign investments according to the standards of transparency and accountability.

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