Golf Lifestyle Channel Back9Network Suspends Operations Due To Financial Shortfalls

Golf lifestyle channel Back9Network announced yesterday that it has "run out of money and suspended operations indefinitely," according to Pete Madden of GOLF.com. The Hartford-based network's hiatus "comes less than five months after the beleaguered state-funded startup finally launched its channel on DirecTV following years of negotiations." Back9Network's website "is still up and running but does not appear to have been updated since last week." The network in a statement said that a "search for more money is underway." Back9Network CEO Charles Cox indicated that the company had raised approximately $40M from 150 investors since '10, including $5M in "grants and loans from the state of Connecticut." However, in recent months, the net "has shown clear signs of financial distress, cutting its full-time workforce by 35 employees," or about 40%, in January. Connecticut Office of Film, Television & Digital Media Dir George Norfleet in a statement yesterday said that the state government is "in talks with Back9Network executives about repayment of those loans" (GOLF.com, 2/23). In Hartford, Mara Lee notes per the agreements for the loans, if the company defaults, the state "can take all its equipment, bank accounts and accounts receivables." Connecticut Department of Economic & Community Development spokesperson Jim Watson said that the department "was in regular contact with Back9 and that the company was current on its loan payments" (HARTFORD COURANT, 2/24).