Golfer Jon Rahm is set to forfeit a reported £75m owed to him by LIV Golf as part of a separation agreement to secure his exit from the league. This move comes after LIV Golf filed for Chapter 11 bankruptcy protection in the United States in September, following the withdrawal of multibillion-dollar backing from Saudi Arabia's Public Investment Fund.
Rahm, a Spaniard, was identified as the organisation's top unsecured creditor when the bankruptcy filing occurred. ESPN reported that the £75m figure is external to the remainder of his original £222m contract, which he signed upon leaving the PGA Tour for LIV Golf in December 2023.
Despite LIV securing a potential £222m in financing from BC Partners Credit to attempt a 'LIV 2.0' initiative, Rahm has deemed the proposed terms "unacceptable." He has instead waived his entire claim for a "complete economic walk-away." Rahm will, however, retain the rights to 'Legion XIII', the name of the LIV team he captained, though he cannot use it to form a team in TGL, the indoor high-tech golf league.
Rahm was the most prominent name to join LIV from the PGA Tour. While some players, including Brooks Koepka, have since returned to the PGA Tour, Rahm remained under a long-term contract with LIV. In May, he reached a deal with the DP World Tour to retain his membership, ensuring his eligibility for next year's Ryder Cup.