WSL Makes A Play To Take Over The Mavericks Event
While Cartel Management attempts to restructure and keep it.
When it comes to what’s next for the embattled Titans of Mavericks surf contest, it remains unknown. What is known is that whatever happens, it is imperative the event forward cut the drama and get back to surfing.
Regarding who may take over the big-wave comp, the picture may have just become a little more clear. According to both recent court records and a source close to the situation, on June 5 the World Surf League’s Chief Operating Office, Jonathan Marshall, made an offer to Cartel Management to help settle their bankruptcy case in exchange for operating the Maverick’s event during the 2017/18 season. It’s also believed that the WSL will soon begin submitting its own initial round of requisite permitting applications.
The WSL confirmed to Stab that an offer was made after Cartel canceled a planned auction of their assets scheduled for June 1 and before a June 7 court hearing and was declined.
Revelations from the June 7 hearing include that the Body Glove lawsuit has reached a settlement. Body Glove’s initial claim was for $1.5 million, but have accepted a nominal $5,000 payment.
It was also clear that Cartel is still scrambling to buy time-based on what happened in court. The proceedings revealed that they’re soldiering through a company reorganization in the hopes of raising another round of capital investment to pay off creditors and get back in the black. This would allow them to maintain ownership of the permit—as opposed to caving to the WSL.
The next court date is a status conference scheduled for September 20. No other deadlines or requirements were established.
So, after wading through all the legal jargon, what does this mean for Mavs? It means that next year’s contest could very much be up in the air. The courts aren’t even going to consider what to do next until the end of September, Cartel is obviously cash strapped and the WSL is stuck in limbo, by the time any of that comes close to a resolution the winter’s first west swells will be upon us.
Hopefully, for the sake of all the big-wave surfers, fans and the sport itself, this isn’t the case. The people of Half Moon Bay and the dedicated Maverick’s crew deserve a contest they can rally around and be proud of.
(c) Towsurfer.com 2017