Mavericks’ Only Big Wave Event Is Likely Cancelled
The fall of the Titans…
Cartel Management and Titans of Mavericks LLC filed for Chapter 11 bankruptcy on Tuesday afternoon. At this time, it appears that the big-wave contest will more than likely be cancelled for the remainder of the waiting period.
It hasn’t been a good six months for Cartel. Two weeks back, Stab reported on a number of lawsuits against the organisations. There is currently a $1 million judgement against Cartel. Body Glove has another suit pending. Additionally, it has come to light that Red Bull Media House filed suit against them at the end of January.
The Body Glove lawsuit has been widely reported, but the revelation of the Red Bull Media House litigation is new. In August 2014, Cartel and Red Bull entered into an agreement that Red Bull could live stream the contest on Red Bull’s digital platform in exchange for a $400,000 payment. With the wheels coming off the contest this year and the contract unfilled, Red Bull is attempting to get their money back and recoup their legal costs.
Red Bull and Body Glove will obviously endure, but the big losers in all of this are the athletes. For the elite men and women that have dedicated themselves to charging Maverick’s, the fact that the contest won’t run—and missed an opportune day last week—comes as a serious blow. Not only is there prize money on the line, but having the stage to showcase their talents is critical to sustaining their big-wave riding careers.
Cartel and Titans of Mavericks board members are apparently currently under a gag order and not permitted to speak to the press. On Tuesday night, Cartel owner, Griffin Guess, indicated that he would hold a press conference or release a statement to the press on Wednesday that “will be helpful with understanding the strategy overall.”
“The companies determined that a sale through a Chapter 11 process is likely to achieve the highest and best value for their assets,” states an article on PR Newswire. “The process will allow Titans of Mavericks to reach new heights in the right hands. It is time for a larger organisation to gain from all of our hard work,” said Guess.
There’s not much left to understand, Guess and company have successfully destroyed one of the most established big-wave contests in the world. Granted, it’s been a political hot potato since its inception in 1999, but now what next? Will Mav’s icon and WSL Big Wave commish Pete Mel finally swoop in and add the contest to their schedule next year? Will another independent backer pick up the permit? Will the contest even run next year? It’s all too early to tell, but one thing’s for sure, Cartel is dead in the water.
More to come as this story continues to unfold.
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