With competition from Gatorade, BodyArmor, and PRIME, competition in the sports drink industry is fierce. A popular sports drink company with high-profile investors including the NHL, L.A. Lakers, and Miami Heat, recently called it quits, filing for bankruptcy in the U.S. and Canada. Find out why Biosteel was forced into bankruptcy despite working with several professional sports teams and athletes.
BioSteel, a highly endorsed sports drink company, recently filed for bankruptcy. The owner of the company has filed for creditor protection in the U.S. and Canada and is actively looking to find a buyer for the business.
Last Thursday, Ontario-based Canopy Growth, which is the largest cannabis company in North America released a statement that it would stop funding BioSteel Sports Nutrition and the company is now proceeding under the Companies Creditors Arrangement Act (CCAA).
BioSteel Sports Drink Company Declares Bankruptcy
Founded by John Celenza and former NHL player Mike Cammalleri in 2009, BioSteel became a leading sports drink thanks to its ability to secure strong marketing deals. The company worked closely with many NHL, NBA, and NFL teams and athletes, including some of the biggest stars in their respective sports.
The company worked with huge NHL, NFL, and NBA stars, including Patrick Mahomes, Connor McDavid, John Tavares, Luka Doncic, Wayne Gretzky, Ja’Marr Chase, and more.
Even with a dazzling endorsement portfolio, the sports nutrition company was forced to file for bankruptcy, listing $45 million in unsecured debts, along with a long list of big-name creditors.
Some of the biggest debt creditors include the NHL, Los Angeles Lakers, Miami Heat, USA Soccer, Andrew Wiggins, Brooklyn Nets, and more. The NHL is the company’s largest creditor at $8.7 million.
Check out the list below for notable BioSteel Creditors
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- NHL — $8.7 Million
- Los Angeles Lakers — $2.5 Million
- Miami Heat — $953,000
- USA Soccer — $675,000
- Andrew Wiggins — $658,000
- Brooklyn Nets — $624,000
- Rogers Media — $428,000
- Philadelphia 76ers —$296,000
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