From the staff of 220Triathlon.com
The Professional Triathlon Organisation (PTO) have announced that they have approached WANDA with the intent to acquire Ironman and its assets. We spoke to Sam Renouf, CEO of the PTO, to find out more about the decision and what it means for triathlon
Why has the PTO made the decision to try and buy Ironman?
Ever since Providence Capital Partners first saddled WTC with $200 million debt and prepared for their exit sale, the business has been starved of investment. When WSG acquired WTC it burdened the operation with additional debt, thus restricting any ability of the dedicated management to invest and promote the business.
Our goal in acquiring the Ironman assets is to free it from this excessive debt burden and we are in discussions with partners where a healthy portion of equity is injected into the business to reduce interest payments and increase investment in things like promotion, production, race standards and prize money, and maybe even a health insurance programme for professionals.
You must admit something is wrong when athletes like Matt Russell and Tim Don are reduced to GoFundMe pages and charitable sponsor donations to pay medical bills after bike accidents at a World Championship Event. It is actually heartbreaking to see, and to be honest, we are a bit surprised the community is not more upset by this.
How confident are you this will happen – has there been any signs from Wanda that they’re open to this?
While we have not had any overt signs from Wanda before our letter, our bankers, North Point Advisors, have analysed the WSG Financial Statements and the performance of the IPO, and have advised that this an opportune time to start discussions.Since we have now sent our letter and released it publicly, we will not be permitted to comment on any ongoing discussions.
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