As the deadline for players to commit to LIV 2.0 arrives, so does a final push to recoup some of the money from the bankrupt league’s unpaid contracts.
Dustin Johnson is rallying, as part of group of over 10 LIV Golf players, to negotiate with Saudi Arabia’s Public Investment Fund for severance payouts, according to a report by The Athletic. The group of players, which also includes Bubba Watson and Thomas Detry, is reportedly seeking more than $100 million.
None of the players in the Johnson-led faction are expected to sign the new agreement between the league and its new backer, BC Partners Credit, as part of the new iteration of LIV Golf.
“The PIF was an honorable business partner until what we regard as its abandonment of LIV golfers,” David Cornwell, Johnson’s lawyer, told The Athletic.
The PIF announced it would stop funding the league back in April and initially gave players the opportunity to cash in 2 cents on the dollar to settle their unpaid contracts. Now, the players are fighting for what they believe the now defunct version of the league they signed up for owes them.
Cornwell is making the case that these LIV players made “career-altering decisions” based on “repeated promises” from the PIF which influenced their decision to join the league.
“Given their reliance on these promises, our group seeks a sensible severance payment as part of the wind-up of LIV,” Cornwell told The Athletic. “The decision to release potential claims against the PIF and join LIV 2.0 will be influenced largely by how the PIF manages the wind-up of LIV 1.0.”
According to the report in The Athletic, the PIF views itself as an equity investor in league that is no longer investing and that the fund is not involved in any conversations with players nor their counsel.
Earlier this month, BC Partners formally agreed to provide $300 million in loans and investments for LIV Golf, if enough players committed to the next version of the league. As of right now, there’s a growing list of players who have opted out for next year and more are expected.