British Darts Organisation Enterprises Ltd, the commercial branch of the BDO, has announced its intention to file for liquidation.
The company, founded in 1980, will file a Notice of Intention to appoint a liquidator in a move it hopes will secure the future of grassroots darts in the UK.
It has been the commercial arm of the BDO since its formation but substantial loses in recent years have now driven the business to the point of no return.
The organisation racked up a staggering £468,000 loss during the last financial year, a figure which has since grown following the three major tournaments last season.
The prize fund for the 2020 BDO World Championship was slashed by almost 60 per cent for the men’s tournament and ten per cent for the ladies event to ensure the event went ahead.
Des Jacklin completed a remarkable U-turn to reclaim the position of BDO Chairman just over a month after tendering his resignation and now chairs a new board of directors.
The cancellation of the Torremolinos Festival of Darts in March resulted in a further cash-flow crisis, leaving the board little option but to file for a CVL.
A BDO Director stated: “The British Darts Organisation has a long and proud record of standing by and for its members.
“Today’s announcement does not change that in the least. Our focus is ensuring the longevity of the organisation and despite this setback and some tough decision making, we are committed to making the BDO a success for its members. British darts is safe.
“We are and will remain totally focused on our members and the Notice of Intention to appoint a liquidator does not change this.”
A Creditors’ Voluntary Liquidation (CVL) is a formal insolvency procedure which involves the directors of an insolvent company voluntarily choosing to bring their business to an end.
The unnamed director added: “The Directors will work closely with the Administrator to ensure creditor claims are addressed.
“However, our message to the membership is that our organisation is financially secure and that our commitment to British darts as a sport for everyone remains now and in the future.”
Last month, it was revealed Jacklin had been voted back onto the BDO Board of Directors after receiving the backing of 66 per cent of the counties.
Jacklin confirmed the re-appointment in a letter to the counties, admitting: “The past four weeks has given me the time to reflect on the events of the past 18 months and re-evaluate my position, thoughts and vision required to take the company forward.”
He again slammed the use of social media to apparently discredit the organisation, insisting “The BDO is treated differently to any other company on the planet” and revealed new rules will be put in place regarding the use of social media.
He added: “We will be appointing a committee whose purpose is to monitor social media and more importantly where the BDO, its directors, county officials and players fit in.”
Jacklin has this week been involved in a social media feud with English Darts Organisation Chairman Tommy Thompson, accusing Thompson of “lies” and “plotting against me for years behind the scenes”.
With the impending liquidation, all future major BDO tournaments have been thrown into further doubt, with many believing this year’s World Championship at The O2 Indigo to have been the last.