🔊 The $5 Billion Lesson For Every Emerging League

LIV Golf, the Saudi-backed innovative golf league, announced it is officially winding down operations through bankruptcy after appearing in court this week.

A LIV Golf attorney told the judge that the league couldn't secure the financial commitment and player support needed to proceed with LIV 2.0.

BC Partners, a British international investment firm that was set to replace Saudi Arabia’s Public Investment Fund (PIF) as LIV Golf’s primary financier, pulled its $300 million funding offer.

The league lasted five years and spent over $5 billion.

Why This Matters

A few months ago, I asked whether LIV Golf was really alive.

Well, we have the answer now.

Five years. Over $5 billion spent in total.

That’s roughly a billion dollars a year.

And it all comes crashing down in bankruptcy court.

This should get every emerging league’s attention and really everyone’s attention throughout sports.

Here are some aspects as to why:

1) Reliant on a single financier

This situation proves money alone doesn’t sustain a league.

LIV had one of the deepest pockets in sports.

It reportedly lost $8.50 for every $1 it invested in the product, and it never moved the needle on TV audiences.

And it had just one funder: Saudi Arabia’s Public Investment Fund.

When the PIF stepped back, there was no fallback plan.

BC Partners was supposed to step in and fill the gap, but it pulled its $300 million offer.

In short, relying on a single backer, no matter how much they have, leaves you vulnerable.

2) Poor spending

LIV ran with massive overhead and dished out hundreds of millions in guaranteed player contracts and signing bonuses.

Those are fixed costs, so they have to be paid regardless of revenue.

The league spent far more money than it could generate, and that only works as long as someone keeps covering the gap, which ties directly to point one.

3) Unsustainable business model

Despite marquee names and all the hype you could want, LIV struggled to build mainstream TV viewership, major broadcast distribution, or reliable ticketing and sponsorship revenue.

It’s one thing to generate a buzz.

It’s another to make that buzz last.

And anybody can do the former.

But how many can turn that buzz into real dollars?

We could sit here all day dissecting why LIV failed, but the bigger question is: what does this mean for other emerging leagues going forward?

For one, the bar just got higher.

Investors will undoubtedly ask harder questions about attracting an audience, generating revenue, and surviving beyond the first five to ten years.

Athletes might also be more apprehensive about leaving legacy leagues to bet on startups that haven't yet proven themselves.

And although every sport is different, some of the newer leagues we covered are already attempting to avoid LIV’s pitfalls.

They aren’t relying on one funder. For example, Premier Flag is backed by an investor group that includes all 32 NFL owners, athletes, and institutional capital.

They’re focused on distribution early. Rock League owns its media rights and funnels fans into an existing event series.

And they bring players in through ownership, not just guarantees. Unrivaled Basketball’s participating players hold equity in the league, collectively owning approximately 30% of the company through four-year vesting terms, which aligns incentives from the jump.

None of this means emerging leagues are a bad bet or that all will fail.

It just means star power alone isn’t a long-term, reliable business model.

Because, as we can see, LIV had the money.

It just never had the right model.

• Bilt, a neighborhood commerce and rewards platform, announced its acquisition of LAVA, a leading technology platform co-founded by Sacramento Kings owner Vivek Ranadivé, focused on real-time loyalty, membership, and customer experiences for major sports and entertainment organizations, in a transaction valued at $300 million. The acquisition brings LAVA’s technology and relationships with 56 professional sports franchises across the NFL, NBA, MLB, NHL, and MLS into Bilt’s neighborhood commerce ecosystem (more here).

• Sivan and Patrick Dumont have purchased Miriam Adelson's shares of the Dallas Mavericks, making the Dumont family the controlling owners of the franchise with a 69% share. Adelson, Sivan’s mother and Patrick’s mother-in-law, previously controlled the Mavericks, though she has had minimal day-to-day involvement since becoming affiliated with the franchise close to three years ago. Adelson and the Dumonts bought the Mavericks from Mark Cuban in December 2023. Financial details were not disclosed (more here).

• NWSL team Gotham FC announced a $100 million capital raise led by the Moelis family at a $350 million valuation. The round includes seven new minority investors bringing experience across banking and finance, real estate development, and public service, including David R. Giroux and Anne Welsh McNulty. Tisch Blodgett’s Next 3 Ventures and the Tisch family made a substantial investment, with additional support from Jennifer Mackesy, another significant existing investor. The investment will support Gotham FC’s long-term growth and strengthen the club’s operations and infrastructure. It also marks the first time the club has welcomed new minority investors under Tisch Blodgett’s ownership (more here).

• Velocity Capital Management, a private equity firm focused on sports, media, and entertainment, has acquired a stake in the combined LV8 and Mirage businesses. LV8 is a social-first brand services agency based in Los Angeles and Las Vegas that offers influencer marketing, content creation, digital advertising, and social media management. Mirage is a digital video publisher that operates more than 70 owned content channels across social, FAST, and the web. Financial details were not disclosed (more here).

• Revelyst, a sports technology and outdoor equipment manufacturer, has acquired Optimum Golf Technologies, a European distributor of golf simulators and performance technology. The acquisition strengthens Revelyst’s presence across Europe, the Middle East and Africa while also expanding its direct capabilities in golf simulation, custom installations, technical services and distribution. Financial details were not disclosed (more here).

• eCamps Sports Network, a youth sports and athlete development program operator, has been acquired from PlayMetrics, a leading youth sports management platform, by an investor group led by longtime CEO Charley Biggs. The acquisition returns eCamps Sports Network to independent ownership after it joined the Stack Sports portfolio and was later combined with PlayMetrics in 2025. Financial details were not disclosed (more here).

• Sporta, a London-based financial and digital infrastructure platform built for the sports economy, has received a £5 million investment from Lazaroo-Hood Group. The company plans to use the funds to support its next growth phase, including team expansion, technology development, governance, and operating foundations. Sporta is building financial foundation models designed to help clubs, athletes, fans, families, volunteers, and grassroots sporting organizations grow, connect, and sustain themselves (more here).

• OnSport AI, a Miami-based startup that applies in-game biomechanics analysis for injury risk, has raised a $2 million pre-seed round led by owners of overseas basketball teams. The company will use the money to launch its injury risk product. The company focuses on basketball and will expand into soccer and golf. It has run a pilot with an undisclosed NBA team for more than a year (more here).

• Arnold Palmer Junior Golf Tour, a national, year-round competitive junior golf platform for boys and girls ages 8 to 18, received funding from backers including Weatherford Capital and Bolt Ventures, the family office of David Blitzer. The company plans to use the funds to expand its tournament schedule and national footprint, hosting nearly 400 tournaments nationwide in 2027 while advancing character programs and player access initiatives. Financial details were not disclosed (more here).

Sports is a relationship business.

So the best opportunities never get posted publicly.

They get shared over dinner, in a private chat, or through a warm introduction.

Vetted Sports is that room.

We’re a private network of investors, executives, and operators actively building in the sports asset class.

It’s not a 500-person conference or random Tuesday night networking event.

It’s trusted relationships and exclusive insight.

Members get access to:

And you can't just join.

Membership is application-only. We vet everyone. And we cap spots so the room stays good.

If you’re writing checks, running a sports business, or doing deals in this space, then this is probably for you.

See if you’re a fit here ➞ www.vettedsports.com

• Topgolf and TMRW Sports announced a multi-year partnership to bring TGL and the upcoming women's league WTGL experiences to Topgolf venues and Toptracer Range facilities worldwide. The agreement with TMRW Sports allows Topgolf players to experience some of the custom-designed holes featured in the leagues, with Topgolf venues and Toptracer Range facilities hosting competitions, watch parties, and exclusive fan experiences (more here).

• Mizzou Athletics has named St. Louis-based World Wide Technology (WWT) as the new jersey patch partner of Mizzou Basketball. This expands upon WWT’s existing relationship with Mizzou as the University’s Official Technology Solutions Partner of Athletics. As part of the partnership, the WWT logo will appear on the uniforms of both the men’s and women’s Tiger basketball programs beginning this fall. WWT’s logo will also appear on Norm Stewart Court at Mizzou Arena (more here).

• The Women’s Tennis Association (WTA) and TikTok officially announced a global content partnership to expand fan engagement and player-led storytelling. The collaboration will focus on a mix of "player-led storytelling, creator content, and innovative digital experiences" at events on the WTA Tour. As part of the partnership, the WTA and TikTok will work with some of the top women's tennis players to build their presence on the social media platform (more here).

• American Express $AXP ( ▼ 1.23% ) and the NBA announced a multi-year renewal of their longstanding partnership, which also includes WNBA, NBA G League, USA Basketball and NBA Take-Two Media.  Under the deal, American Express will serve as the entitlement partner of NBA Tip-Off and NBA G League Tip-Off. American Express and the NBA will also launch a connected member program with NBA ID, the NBA’s free membership program that provides fans access to a variety of benefits, including exclusive offers from NBA partners, ticket promotions, and members-only voting campaigns (more here).

• Unrivaled Basketball announced a multi-year partnership with Chegg, a learning and employability company, naming the company as the Official Student Success Partner of the league and presenting partner of Hive BC. The collaboration will focus on integrations across the league and Hive BC, including branding on game and practice jerseys, original digital content, exclusive behind-the-scenes storytelling, and community activations throughout the upcoming season (more here).

• Ticketmaster announced a partnership with the NHL to bring complimentary OneCourt tablets to blind and low-vision fans at all NHL tentpole events in North America during the 2026-27 season. OneCourt’s tactile broadcast technology converts real-time game data into vibrations fans can feel beneath their fingertips, letting them experience every play as it happens. Beyond NHL events, the Washington Capitals, Colorado Avalanche, Chicago Blackhawks, and Detroit Red Wings will be the first NHL Clubs to offer OneCourt tablets to fans at all home games (more here).

• The NFL and TMRW Sports will launch their professional flag football ​league, Premier Flag, in summer 2027, unveiling the league's brand identity with an eye toward the 2028 Los ​Angeles Olympic Games. TMRW Sports will serve as Premier Flag's operational partner, with a US host city ​to be announced in the coming weeks. The league, backed by an investor group that includes all ⁠32 ​NFL team owners, plans to ​build the first purpose-built stadium for flag football (more here).

• Philadelphia 76ers star LeBron James and his team have sent a cease-and-desist letter to get a sports betting app to stop using his likeness without authorization, according to Front Office Sports. An advertisement for Bron AI went viral recently and shows a person resembling James, wearing a No. 23 jersey with the name "Bron" on it, from behind as he uses the app, which offers sports betting picks and research by aggregating data from traditional sportsbooks and prediction markets (more here).

• Indiana Fever star Caitlin Clark has signed a historic multi-year brand partnership with Dick's Sporting Goods and Foot Locker, marking the first time either retailer has ever signed an individual athlete as a brand partner. As part of the partnership, Clark will work with both brands on custom promotions to support her signature footwear, apparel and product lines. This follows the October 1st release of Clark’s first signature shoe, the largest women’s signature shoe launch in Nike’s history (more here).

• Sure Sports, a Hollywood, Florida-based firm that lends money to athletes against the value of their contracts, filed for bankruptcy, according to court filings and Front Office Sports. It sought Chapter 11 protection under the Subchapter V provision, which lets eligible small enterprises reorganize their debts while staying in business. The bankruptcy filing states the business has between 50 and 99 creditors, and that its estimated assets and liabilities fall between $1 million and $10 million (more here).

• FCTRY Lab, an LA-based sneaker studio by ex-Yeezy veteran Omar Bailey, announced the launch of ALLSKNS, a new standalone brand uniting youth sports and culture built for before and after the game. Slauson & Co., Level One, Elysian Park Ventures, and a strong contingent of independent investors across professional sports, youth culture, and fashion back the company. Its first product, the ALLDAY SLIDE, is a rest-and-recovery slide with interchangeable SKNS that give athletes four looks in one pair (more here).