WORLD SURF LEAGUE BUYS
TITANS OF MAVERICKS EVENT FOR $525K
Titans of Mavericks, the big-wave event at Half Moon Bay saddled with financial controversy and legal trouble, has reportedly reached an agreement to be purchased by the World Surf League, according to court documents and a report from The Mercury News.
The WSL issued a press release on Wednesday announcing the league bought the contest — organized by Titans of Mavericks LLC and Cartel Management Inc, both of which filed for Chapter 11 bankruptcy in January in a sale of their event assets — for $525,000, an agreement that also snatches the crucial San Mateo Harbor district permit. A hearing for the sale’s final approval by a Los Angeles court judge is scheduled for September 13th.
After the bankruptcies, negotiations for the event to change hands stalled, as starting bids at $1 million failed to attract any willing public buyers. The auction to sell the assets was canceled indefinitely in June.
The WSL later came forward with its offer, acquiring the contest rights for a song. According to The Mercury, Griffin Guess, founder of Titans of Mavericks, will “continue to operate under the Titans of Mavericks brand producing lifestyle goods and services and media content.”
As the Mavs season approaches in tandem with the deal’s pending approval date, there’s a decent chance that a potential Mavs contest within the next six months will run under the WSL banner and will add some much-needed meat to the bone of the skeleton BWWT, which dropped five of its events in March as part of a structure shuffle and now only includes Puerto, Nazaré, and Jaws.
“We’re delighted to have the opportunity to work with the big wave community in bringing the Mavericks event to life on the international stage,” new WSL chief executive Sophie Goldschmidt said in an official statement. “The league has always held a huge amount of respect for both the venue and its community as one of the pillars of big wave surfing.”
More from Thursday’s WSL press release:
WSL, Titans of Mavericks and Cartel Management can confirm that they have reached an agreement to secure the permit to run the Mavericks event as one of the Big Wave Tour stops at Mavericks. All are very excited about this. The WSL is waiting final approval by the judge who is overseeing the reorganization filing made earlier this year by Titans of Mavericks and Cartel Management, and will provide more information as the situation progresses. Mavericks is known everywhere as one of the iconic and dramatic big wave locations in the world, and the WSL is looking forward to work with the San Mateo County Harbor District and the local community moving forward.
(C) Towsurfer.com 2017