Billions wasted: LIV Golf, European Super League and the biggest flops in sporting history

LIV Golf, a Saudi-backed attempt to revolutionize golf, has been confirmed to be facing liquidation following the withdrawal of its primary financial backer, Saudi Arabia. The league, which launched in 2022, spent an estimated $5 billion attempting to break into the global golf market, making it one of the most catastrophic ventures in sports history. Despite the financial failure, LIV joins a list of other failed sports ventures.

The European Super League (ESL) remains the most toxic failure in sports history, with 12 top football clubs attempting to create a closed continental tournament in April 2021. The project collapsed within 48 hours due to widespread criticism from supporters, players, and governing bodies. The proposal was seen as a greedy attempt by Europe's elite to protect their wealth and status, leading to immediate protests and withdrawals from participating clubs.

The XFL, a wrestling-inspired American football league launched by WWE founder Vince McMahon in 2001, also failed to capture audiences. Despite initial strong TV ratings, the league's gimmicks and poor-quality play quickly turned off viewers. The XFL folded after just one season, costing its backers an estimated $70 million. McMahon later tried to revive the concept in 2020, but the pandemic forced a premature end to the season, leading to bankruptcy.

The International Premier Tennis League (IPTL), launched in 2014, aimed to create a franchise-based tennis competition featuring top players. Inspired by the Indian Premier League (IPL), the league offered shorter sets, shot clocks, and live music. However, poor attendance and funding issues led to a reduction in host cities, and a withdrawal of star players such as Roger Federer and Serena Williams. The league was cancelled in 2016, with millions reportedly owed to players and suppliers.

Lastly, the Stanford Super Series, a T20 cricket tournament proposed by Texan billionaire Allen Stanford in 2008, was ultimately canceled. Stanford planned to bring together England and a Caribbean team for a winner-takes-all match, promising a $20 million prize. The event was marred by Stanford's bizarre behavior, including a public display of affection with the players' wives. Stanford was later accused of an $8 billion investment fraud, leading to the termination of the ECB's involvement in the tournament.