Back9Network Trying To Raise "Significant" Amount Of Capital To Stay On Air

Fledgling golf lifestyle channel Back9Network is attempting to raise a "'significant' amount of capital to keep its doors open," and reaching a deal could "mean a change in the company's ownership," according to a source cited by Greg Bordonaro of the HARTFORD BUSINESS JOURNAL. The net's board and management "have been working tirelessly in recent weeks to develop a restructuring plan, which included laying off 41 percent of its workforce to slash costs." The source said that the needed capital "could come from individuals or business investors." Bordonaro noted it is unknown "how much money the company needs," but Back9 has already raised $35-37M. The source "would not say if a deal is likely or not, but any investment could result in a change in the company's ownership, so a potential buyout is an option." The source added that Back9 has "scaled back production at its ... studio to save costs" (HARTFORDBUSINESS.com, 1/29).