LIV Golf promised to shake up professional golf, but its financial collapse tells a different story. New court records show the league paid millions to top executives right before filing for Chapter 11 bankruptcy. While leadership secured massive payouts, many vendors and contractors are still waiting for checks. The contrast between executive rewards and unpaid bills has sparked intense debate about the league’s priorities during its final days.
Late Thursday filings in U.S. Bankruptcy Court in New Jersey disclose the payment scale. According to the Associated Press, LIV Golf distributed $15.6 million in retention bonuses to seven executives in the months between the end of Saudi funding and the September 8 bankruptcy filing. On June 24, 2026, CEO Scott O’Neil secured the biggest portion via a $6.375 million retention bonus. The league pursued bankruptcy protection fewer than three months after that disbursement occurred. O’Neil also received a $2.7 million bonus in February, bringing his total compensation to over $13.6 million from September 2025 through August 2026.
Front Office Sports reported that six other executives received significant sums on June 24 or August 7. Chief legal officer John Ruzich got $2.6 million, whereas chief financial officer David Phillipps gathered $3.37 million. Chris Heck, president of business operations, was paid $1.31 million. Jennifer Frieman, global chief people officer, received $1.04 million. Katie O’Reilly, head of team business operations, got $555,801, and Ilana Finley, chief communications officer, received $331,531. Independent board directors Jon Zinman and Eugene Davis were each paid $750,250 in installments through July 31.
Former CEO Greg Norman also received a massive payout before his departure. A $5.8 million settlement plus a $3.6 million bonus comprised the $9.41 million Norman received on September 26, 2025, per the Associated Press. These figures stand in stark contrast to the financial struggles faced by the league’s service providers. NGSC Sports highlighted that while executives cashed out, the league struggled to meet basic financial commitments to players and production companies.
Unpaid Bills and Broken Promises
The bankruptcy filings list 129 payments to creditors made in the 90 days before the league filed for protection. Yet, many vendors remain unpaid. Fresh Tape Media and other companies are among those waiting for money owed for work already completed. When asked about these unpaid obligations at LIV’s final event in August, CEO Scott O’Neil offered a cautious response. “What I would say to them is we’re doing everything we can to make sure we can do right by them and the work they committed, and I hope we can,” he said.
Jon Rahm, the league’s highest-paid player, received $26.64 million over the past year, according to Front Office Sports. This figure includes four quarterly player participation agreement payments. Despite these large sums to star players, the league’s ability to pay smaller vendors has collapsed. The Saudi Public Investment Fund, which spent upward of $5 billion to launch the league in June 2022, ended its financial support before the bankruptcy. Although BC Partners Credit committed as much as $300 million for a new league iteration, stars such as Rahm and Sergio Garcia have signaled departures.
The timing of these executive bonuses raises serious questions about financial governance. Retention payments are common in distressed companies, but the sheer size of these checks is unusual. O’Neil’s total compensation exceeded what many professional golfers earn in entire careers. While leadership kept amassing large amounts, the league struggled with serious financial difficulties. This disconnect creates a difficult narrative for any potential buyer or new investor looking to revive the tour.
The situation also highlights the risk for the next generation of golf business. As the league tries to restructure, the trust between the organization and its partners has been damaged. O’Neil acknowledged this shift in a statement about the future of the league. “For the next generation, it will certainly be a different business with a different process,” he said. The priority now shifts to resolving the debts owed to creditors and determining if a viable structure exists to continue tournaments without the original funding model.
With the Chapter 11 process underway, the focus remains on the court documents and the fate of the unpaid creditors. The league must navigate complex legal hurdles to emerge from bankruptcy. Until then, the story of millions paid to executives while vendors wait for checks will define the end of LIV Golf’s first chapter.
