Billions wasted: LIV Golf, European Super League and the biggest flops in sporting history
The least surprising news of the week arrived on Friday when it was confirmed that LIV Golf is facing liquidation. The writing was on the wall for the disruptor competition once Saudi Arabia pulled its funding in April. LIV ended up being a financial black hole, estimated to have squandered in the region of $5 billion through its failed attempt to take over world golf. At least in the sheer scale…
From April 2022 until its collapse in April 2023, LIV Golf had squandered approximately $5 billion in its attempt to upend the world of golf. Despite boasting star power like Cristiano Ronaldo, Anthony Joshua, and Jon Rahm, the league struggled to attract and retain top talent. Its attempts at innovation, such as night golf and corny team names, were met with skepticism and ridicule.
In stark contrast, established golf tours like the PGA Tour and DP World Tour retained the bulk of the leading players despite offering fewer rewards. The European Super League, a football initiative by Europe's wealthiest clubs, also left a bitter legacy. In April 2021, 12 top clubs, led by Real Madrid, Barcelona, and Juventus, aimed to create a closed continental tournament.
However, the plan was met with widespread outrage from fans, players, and officials, leading to the withdrawal of all six English clubs within 48 hours. The ESL's ambitious project ultimately failed to gain any meaningful market share. The XFL, a wrestling-meets-American football league founded by WWE mogul Vince McMahon in 2001, was another costly flop.
Featuring gimmicks like microphones on players and a violent scramble instead of a coin toss, the XFL attracted strong initial TV audiences. However, poor play, crass broadcasts, and fading interest led to its cancellation after just one season, costing backers an estimated $70 million. The International Premier Tennis League, launched in 2014 with the aim of creating a team-based tennis competition, was another ill-fated endeavor.
Despite featuring stars such as Roger Federer, Novak Djokovic, Rafael Nadal, Serena Williams, and Andy Murray, the league faced poor attendance, investment issues, and the withdrawal of top players. Ultimately, the IPTL was cancelled in 2016, leaving millions owed to players and suppliers. Lastly, the Stanford Super Series, a T20 cricket tournament proposed by Texan billionaire Allen Stanford in 2008, ended in scandal and embarrassment.
The proposed $20 million prize money was allegedly part of a $8 billion investment fraud scheme. The ECB terminated all tournament commitments after Stanford's arrest on accusations of fraud in February 2009.
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