Is Mavericks About To Join The Big Wave World Tour?
WSL gets ‘Titans of Mavericks’ permit for half price.
It’s been a long, ugly haul to get to this point, but according to recently filed legal papers, the drama surrounding the Maverick’s contest may finally be coming to an end.
Cartel Management has filed documents with the United States Bankruptcy Court Central District’s Los Angeles Division seeking the court’s approval to sell the rights and assets of the Titans of Mavericks surf contest to the WSL for $525,000. The sale would include the critical five-year San Mateo County Harbor District permit.
“[The] WSL agrees to purchase from the Debtors, and the Debtors agree to sell to WSL, as-is, where-is and with all faults, all of the Purchased Assets for the Purchase Price,” reads the court document obtained by Stab.
Cartel first filed for Chapter 11 protection back in January 2017 and the sales process got underway in May, when Cartel began the bidding process. Four different parties expressed interest in biding on the rights to the big-wave contest. The price was originally set at $1 million, but after a June 2017 auction was scuttled and none of the bids were accepted it became increasingly clear that the WSL was the only legitimate suitor. They ultimately acquired the contest’s rights for half of what Cartel had hoped.
“Despite revenue growth and significant increased attention for the event, the Debtors faced operating difficulties arising from delayed sponsor payments, political complications, costly litigation and the need to maintain their necessary permits in the face of continuing efforts by certain third parties to negatively affect the Debtors,” continues the court document. “The Debtors were forced to file for bankruptcy protection in order to obtain a breathing spell and hope to conduct either a sale of their business and/or assets, or internally restructure their financial affairs with an infusion of new equity.”
The sale is expected to be concluded by the beginning of October, which means we’re looking at the very real possibility of the WSL adding a Maverick’s contest to their 2017/18 schedule.
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