JON RAHM AGREES LIV GOLF EXIT AND RELINQUISHES PAYMENTS

Jon Rahm has reached a separation agreement with LIV Golf that relinquishes his financial claims in exchange for control of his name, image and branding, according to court documents. The terms cover approximately $7.5 million in unpaid money and more than $100 million in future contractual guarantees. Rahm also gives up all equity or membership interests in his LIV Golf team, Legion XIII. His lawyer, John Beck, said Rahm had “reviewed the terms of LIV 2.0 and determined those terms are unacceptable to him.”

Beck told the New Jersey bankruptcy court on 7 October that Rahm would not continue with LIV Golf’s rebrand. The agreement follows Saudi Arabia’s Public Investment Fund withdrawing its backing from LIV Golf. Under the agreement, rights to Rahm’s name, image and likeness revert exclusively to him. The filing confirms that RightsCo, a Rahm party to the agreement, holds the RAHMBO mark and provides for the transfer of the Legion XIII marks.

The agreement permits the Rahm parties to join or contract with any tour, league or sponsor, according to the filing. It restricts RightsCo from using the Legion XIII branding in connection with TGL or in ways suggesting a current affiliation with LIV Golf. RightsCo also agrees not to claim that a LIV Golf team operating under a new name infringes those marks. The agreement forms part of LIV Golf’s Chapter 11 bankruptcy proceedings and is due before the court at a hearing on 5 November.