From LIV Golf to the Super League: A Look Back at Sports' Most Expensive Failures

The anticipated news arrived Friday: LIV Golf is reportedly facing liquidation. The writing had been on the wall for the disruptive golf competition since Saudi Arabia withdrew its funding in April. LIV Golf became a significant financial drain, estimated to have lost around $5 billion in its unsuccessful bid to reshape professional golf. In terms of sheer financial loss, LIV is poised to be remembered as one of the most disastrous ventures in sports and entertainment history, though it has considerable company. The following are five of the most significant missteps in sports history.

LIV Golf

Launched in 2022, LIV Golf was a central component of Saudi Arabia's expansion into the global sports market. The kingdom saw prominent figures like Cristiano Ronaldo join its football scene and Anthony Joshua defend his heavyweight boxing title, while LIV Golf initiated an aggressive takeover of the sport. However, the PGA Tour and DP World Tour proved to be formidable, well-resourced, and organized opponents. Despite their inability to match LIV's financial offers to players, they succeeded in retaining the majority of top talent. While players like Ian Poulter and Lee Westwood were easily persuaded, major stars such as Rory McIlroy and Tiger Woods remained hesitant. Captain Bubba Watson of RangeGoats GC during a night golf event in Riyadh. LIV Golf Show caption: Captain Bubba Watson of RangeGoats GC during a night golf ev…

A primary issue for LIV was its subpar product, which promoted weak concepts as innovations, such as team formats with uninspired names and night golf. It was fundamentally ill-equipped to challenge established tournaments with deep heritage like the Masters, Open Championship, and Ryder Cup. The acquisition of Jon Rahm for $500 million was a rare success for LIV. Despite discussions of a merger, the league never truly held significant leverage and has now faded into obscurity, failing to capture any meaningful market share.

European Super League

If LIV Golf was sports' most expensive failure, the European Super League (ESL) stands out as its most contentious. The ESL proposed a breakaway continental tournament for some of football's wealthiest clubs, designed to be lucrative and largely exclusive. The announcement in April 2021 sent shockwaves through the sport, but the project imploded within 48 hours due to overwhelming opposition from fans, players, managers, governing bodies, and politicians. The initial proposal included 12 clubs: England's Manchester United, Liverpool, Manchester City, Chelsea, Arsenal, and Tottenham; Spain's Real Madrid, Barcelona, and Atletico Madrid; and Italy's Juventus, Inter Milan, and AC Milan. Liverpool fans protest against their owners after the failed launch of the European Super League in 2021. Reuters Show caption: Liverpool fans protest against their owners after the failed…

Spearheaded by Real Madrid president Florentino Perez, the project was widely criticized as a self-serving and greedy endeavor by Europe's elite to safeguard their wealth and status at the expense of the broader football community. The backlash was immediate, with supporters protesting outside stadiums and players and managers publicly denouncing the plans. The British government signaled potential intervention, while Uefa and Fifa threatened sanctions against participating clubs and players. All six English clubs withdrew on April 20, followed by the Italian clubs and Atletico Madrid, effectively ending the project within two days of its launch.

The XFL

What happens when professional wrestling meets American football? The result was the XFL, an artificial creation by WWE founder Vince McMahon. Launched in 2001, the XFL aimed to offer a more extreme and entertainment-focused version of American football. Its distinctive features included player nicknames on jerseys, on-field microphones, and a dramatic scramble to start games instead of a coin toss. ▶ Introduced during a peak period for McMahon's wrestling empire, the XFL initially attracted strong television audiences. However, interest waned rapidly due to harsh reviews, subpar gameplay, and increasingly sensationalized broadcasts. With viewership in decline, the league folded after a single season, costing its investors an estimated $70 million. McMahon attempted to revive the concept in 2020, but the relaunch was cut short by the Covid-19 pandemic after only five weeks, leading to the league filing for bankruptcy.

International Premier Tennis League

Established in 2014, the International Premier Tennis League (IPTL) sought to revolutionize tennis by introducing a franchise-based team competition featuring some of the sport's biggest stars. Founded by former Indian doubles player Mahesh Bhupathi and inspired by the success of cricket's Indian Premier League (IPL), the IPTL featured teams across Asia, including the UAE Royals based in Dubai. Renowned players such as Roger Federer, Novak Djokovic, Rafael Nadal, Serena Williams, and Andy Murray participated in a format that included shorter sets, shot clocks, and live music. The Indian Aces celebrate winning the 2014 IPTL title in Dubai. AFP Show caption: The Indian Aces celebrate winning the 2014 IPTL title in Dub…

The novelty quickly faded. Declining attendance and difficulties in securing investment led to the IPTL being scaled back from five host cities to three. Furthermore, Federer and Williams withdrew due to funding concerns. The IPTL was canceled in 2016, with reports indicating millions of dollars owed to players and suppliers. Fundamentally, similar to LIV Golf, the attempt to transform an individual sport into a team-based format proved unsuccessful.

The Stanford Super Series

The involvement of Texan billionaire Allen Stanford led to one of cricket's most bizarre episodes, culminating in embarrassment for the England and Wales Cricket Board (ECB). In 2008, Stanford proposed the Stanford Super Series, an initiative he claimed would revolutionize Twenty20 (T20) cricket. Following the launch of his T20 tournament in the Caribbean two years prior, he struck a deal with the ECB. Chris Gayle, left, and Allen Stanford pose with a novelty cheque after the Stanford Superstars' win over England. Getty Images Show caption: Chris Gayle, left, and Allen Stanford pose with a novelty ch…

The centerpiece event was a winner-takes-all match between England and a Caribbean team known as the Stanford Superstars in Antigua, with a $20 million prize for the victors. Stanford orchestrated a publicity stunt, arriving at Lord's Cricket Ground by helicopter with a treasure chest purportedly containing the prize money. He later caused offense among the England players by behaving inappropriately with their wives during a warm-up match against Middlesex. England lost the match to the Stanford Superstars by 10 wickets, but the planned five-year series never materialized. In February 2009, US authorities accused Stanford of an $8 billion investment fraud. The ECB immediately terminated all contracts, bringing the project to an abrupt end. Stanford was convicted in 2012 and sentenced to 110 years in prison, where he remains incarcerated at US Penitentiary Coleman II in Florida.