Back9Network suspends operations, cites 'temporary shortfall in capital'
The beleaguered Back9Network announced on Monday that it has suspended operations, the latest setback for the golf lifestyle network that debuted Sept. 29 on DirecTV.
No one at the Back9Network is speaking publicly and only this statement was issued:
"Due to a temporary shortfall in capital, Back9Network has suspended its operations. Management and the board of directors are planning next steps and will continue their efforts to secure long-term, operating capital. The company will keep the public informed with any new developments."
This is the latest and most serious setback for the network. Last month, it eliminated 35 full-time positions, according to the Hartford Business Journal. Ten days earlier, the Hartford Courant reported the network had "delayed payroll payments to some employees…but made the payments on Friday and remains on track in its growth strategy, a company official said."
It has been available only on DirecTV, meanwhile campaigning unsuccessfully to get other cable operators to add it.
It also had sued its founder and former CEO Jamie Bosworth, who had resigned in August of 2014, though the suit has been withdrawn with the parties "agreeing to resolve differences in binding arbitration," the Courant reported.