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World Triathlon Corporation

From Wikipedia, the free encyclopedia
Not to be confused withWorld Triathlon,the international governing body of triathlon.
World Triathlon Corporation
Company typePrivate equity portfolio company
IndustrySport Event Management
Sports
Founded1991 inTarpon Springs, Florida
FounderValerie Silk,James Gills,David Voth
HeadquartersTampa Bay, Florida
Key people
Scott DeRue:CEO
Ben Fertic:President
ProductsIronman Triathlon,Ironman 70.3,Ironman Live,Iron Girl,Ironkids
ParentAdvance
Websiteironman.comEdit this at Wikidata

TheWorld Triathlon Corporation(WTC) is a sports event promotion company owned by conglomerateAdvance Publications,that produces theIronman Triathlon,Ironman 70.3,the 5150 series oftriathlonraces, and other sports events.[1]

History

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In December, 1989, Dr. James P. Gills and David Voth acquired and purchased the Hawaii Triathlon Corporation, owner of the Ironman Brand, for $3 million from Valerie Silk. Voth was the CEO from 1989 to 1993 followed by David Yates then Lew Friedland in the CEO role. With the Ironman brand, Gills and Voth established the World Triathlon Corporation with the intention of furthering the sport of triathlon and building a multi media and global brand presence. By increasing prize money for both male and female triathletes and developing the Ironman World Series including new associated and licensed IronMan races, IronMan was launched into the mainstream of sports.[2][3][4][5]Ben Fertic, formerly Vice President ofInformation Systems,joined WTC in 2000 and was involved in the business operations and day-to-day decision making for WTC. Fertic became CEO of WTC in 2004.

During Fertic's tenure as VP, he created Ironman Live, an online presence of Ironman Triathlon, and transformed WTC into an event production company.[6]In 2007, WTC undertook expansion in producing Ironman events internally, with the inaugural Ironman Louisville. This followed the launch ofIronman 70.3events inBoise, IdahoandProvidence, Rhode Island.

In 2008, World Triathlon Corporation was purchased by Providence Equity Securities for $85 million.[7]Providence Equity is a private equity firm, of whom one board member is an Ironman athlete. CEO Ben Fertic remained at the helm of the business.[8]The following year, in early in 2009, WTC announced the acquisition of Ironman events based in the United States, from North America Sports, a company founded by Canadian Graham Fraser. Employees from North America Sports were expected to remain and manage these events, which included Ironman Coeur d'Alene,Lake Placid,Wisconsin, Florida, Arizona, Ironman 70.3 California, and Ironman 70.3 Florida.[9][10]

On May 31, 2011, WTC announced that Andrew Messick, who was previously the presidentAEG,would become CEO of the World Triathlon Corporation. Fertic would continue in his role in serving on the Board of Directors as well as serving in a newly created president position.[11]Messick, who is an Ironman triathlon finisher himself, helped build and direct, among other things, theTour of Californiacycling event.[12]

Dalian Wanda Group (2015–2020)

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In Fall 2015, World Triathlon Corporation and the Ironman brand were acquired by Chinese conglomerateDalian Wanda Group.Wanda Group reached an agreement to purchase 100% of equity for $650 million and the assumption of debt from former owners Providence Equity Partners.[13]Ironman had been in the hands of Providence for seven successful years after they purchased it in 2008. A source for theWall Street Journalestimated that the WTC is valued at roughly $900 million and represents a quadrupling of Providence's investment in the WTC.[14]

A Wanda Group press release stated that the World Triathlon Corporation's gross revenue has risen at a compounded average growth rate of 40% for four years straight. Net profit has grown at 40% a year.[15]Wanda Group has announced plans to bring Ironman races to China in the future, citing the events have been hosted in over 20 countries worldwide but none yet in China. This was inspired by the success of other Ironman races in Asia, like those in Taiwan, Korea, and Japan.[14]

Dalian Wanda acquiredCompetitor Group(operator of theRock 'n' Roll Marathon Series) in 2017; it became a subsidiary of the Ironman Group.[16]

Advance (2020–)

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On March 26, 2020,Advance Publicationsannounced that it would acquire The Ironman group from the Dalian Wanda Group, with Orkila as a co-investor in the company. As part of the deal, Wanda would operate the events in China under a license agreement.[17]On July 21, 2020, the sale was completed.[18]

Event acquisitions

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In addition to the North American Sports acquisition in 2009 WTC has acquired several other event management companies and races.

In February 2012 WTC purchased USM Events, owners of Australian triathlons in Geelong, Mooloolaba, and Noosa, as well as the Sydney World Triathlon Series (WTS) race.[19]USM Events also owned and produced a full Ironman distance race in Cairns, Australia called Challenge Cairns.[20]Challenge, a rival to the Ironman brand, did not wish to have WTC running one of the Challenge family of races. As a result, Challenge terminated its contract with USM and Challenge Cairns subsequently became Ironman Cairns.[21]The purchase of USM Events expands WTC's Asia-Pacific triathlon market. The purchase would have placed WTC intoInternational Triathlon Unionracing with the Sydney WTS race, but government officials inNew South Walestook the option of not extending an agreement to continue staging the Sydney event due to the ongoing logistical and financial investment required.[22]

In June 2013, WTC purchased YWC Sports, a private company that organizes triathlons and endurance sport events in Denmark.[23]YWC Sports was contracted by the Challenge Family to produce the long-distance triathlon races Challenge Copenhagen and Challenge Aarhus. However, Challenge Family CEO Felix Walchshöfer did not wish to have WTC produce a Challenge licensed event and therefore terminated YWC's agreement stating that the sale to WTC constituted a breach of contract.[24]As a result, the Challenge Copenhagen race, which was scheduled to race in August 2013, would be rebranded as Ironman Copenhagen and 50 qualifying spots would be offered up for the 2013 Ironman World Championships.[24]Challenge Aarhus was replaced by Ironman 70.3 Aarhus and debuted in June 2014.[25]

In January 2016 WTC acquiredLagardère Group's endurance sports division. Lagardère was owners ofITU World Triathlon Seriesraces in Hamburg, Abu Dhabi, Kapstadt, Leeds, and Stockholm. The acquisition also greatly expanded WTC's portfolio beyond triathlon adding several cycling events likeCyclassics Hamburg,Velothon Berlin,Velothon Wales, Velothon Copenhagen, Velothon Stockholm, Velothon Stuttgart as well as several running events like theHamburg Marathon,Hawkes Bay International Marathon, Marathon de Bordeaux, Queenstown Marathon, Music Runs in Germany, the United Kingdom, France, Sweden and South Africa and several multisport events.[26]

  • Cape Epic– annual mountain bike stage race held in theWestern Cape, South Africa[27]
  • Optimum Sports Events (2015) – Owners of Challenge Vichy
  • SuperFrog, Inc. (2015) – Multiple events including theSuperfrog Triathlon.[28]
  • Firstwave Events, LLC. (2015) – Big Kahuna Triathlon and Santa Cruz Half Marathon[28]
  • Auckland Marathon(2014)
  • Lifesport Properties Inc. (2014) – Owners of the Subaru Western Triathlon Series
  • Tritlon Spain SL (2014) – Owners of Challenge Barcelona
  • Columbia Triathlon Association, Inc. (2014) – An Ironman race licensee and owners of ChesapeakeMan
  • XXtra Mile, LLC (2013) – Owners of the Danskin Triathlon Series, the events were rebranded under the IronGirl banner.[29]
  • Sports Promotion UG (2013), Owners of Challenge Kraichgau and Challenge Rügen[30][31]
  • Triangle Sports & Promotion GmbH (2010) – Owners of Ironman Austria, Ironman France, Ironman South Africa, Ironman 70.3 Austria, Ironman 70.3 Monaco, Ironman 70.3 South Africa[32]
  • BK Sportpromotions AG (2009) – Owners of Ironman Switzerland and Ironman 70.3 Switzerland[33]
  • Xdream Sports & Events GmbH (2009) – Owners ofIronman Germanyand Ironman 70.3 Germany[34]
  • 5430 Sports (2009) – Multiple events including the Boulder Peak Triathlon
  • IronKids(2008) – Race series owned by theSara Lee Corporationsince 1985.

Event and product licensing

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WTC holds the rights to use the name "Ironman" for marketing purposes in association with contests consisting of swimming, biking, and running;[35]which is used to license triathlon events around the world. This part is part of thelicensingagreement bothMarveland WTC to not use the "Iron Man" and "Ironman" trademarks in ways that would suggest an association with the other or cause brand confusion.[36]The first events to take on Ironman licensing include events in Canada, New Zealand and Australia, all of which formed in the 1980s. Since then, Ironman event licensing has gone global, with the creation of the Ironman 70.3 series in 2005 and the 5150 series beginning in 2011.[1]

The WTC licenses the Ironman and Ironman Triathlon logo and other related marks to various corporations for use in their product lines. An example is the licensing toTimex Group USAof the Ironman Triathlon logo for use in theTimex Ironmanwatch line that includes theTimex Ironman Datalinkseries of GPS type watches.

Former business ventures

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LAVAmagazine

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In March 2010, World Triathlon Corporation announced the start of a triathlon publication calledLAVAmagazine. At its conception, the magazine was published by John Duke, former publisher ofTriathlete Magazineand then Vice President of Global Sales and Media for WTC.LAVAbuilt its initial subscription base from United States athletes who had entered in an Ironman branded event in 2010.[37]The magazine produces 9 issues per year. The "Lava" name is in reference to theHawaiian Islandthat the Ironman Championship is held on each year.[38]

The magazine was started under former World Triathlon Corporation CEO Ben Fertic. Under CEO Andrew Messick, WTC sought to focus solely on the Ironman brand of races and move away from publishing.[39]In May 2012, WTC soldLAVAto a group of investors that includedLAVApublisher John Duke,Active.com's CEO Dave Alberga and president Matt Landa, as well as former hedge fund manager Matthew Michelsen. Additionally, as part of the sale, Heather Gordon became the new publisher. The sale also coincided with the end of a two-year ban that preventedLAVAfrom being sold on the newsstand for two years. That ban was the result of a dispute and settlement between Duke's previous employerTriathlete Magazine,its parentCompetitor Group, Inc.,and WTC.[40]After the saleLAVAwill receive a preferred relationship with WTC as the official publication of Ironman, which will grant the magazine unique access to Ironman consumers.[39]

Ironman Access

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On October 27, 2010, World Triathlon Corporation put out a press release announcing the creation of an athlete membership program called Ironman Access.[41]This program was to offer advanced registration to its Ironman events before entries would be open for registration to the general public. Advance race registration for members of Ironman Access would be open one week prior to the event's general entry registration date. Members of this program would also receive a number of other benefits, such as a free subscription to itsLAVAmagazine and discounts at its shopironman.com website. The cost of membership into the Ironman Access program was US$1,000.[41]However, a day later, in response to comments the WTC received via email and from comments received throughFacebook,Ben Fertic, then CEO of WTC, appeared in an online video announcing that Ironman Access program would berescinded,stating: "If you guys think we're wrong, we're wrong." [42][43]As explained in the video by Fertic, the purpose of the program was to free up 2,500 to 3,000 entry slots that go unused by individuals who sign up for multiple Ironman events.[42][44]

See also

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References

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  1. ^abHelliker, Kevin (6 October 2010)."Ironman to Get Less Exclusive".The Wall Street Journal.Retrieved6 October2010.
  2. ^Williams, Pete (September 15, 2008)."Equity firm buys Ironman parent".Street & Smith's Sports Group. Archived fromthe originalon September 19, 2012.RetrievedAugust 27,2021.
  3. ^Carlson, Timothy (20 December 2009)."End of year news roundup".Slowtwitch.com.Retrieved24 June2010.
  4. ^Scheppler, Bill (2002).The Ironman Triathlon.The Rosen Publishing Group. p. 15.ISBN978-0-8239-3556-7.
  5. ^Gourley, Jim (2015).The Race Within.Triumph Books.ISBN9781623689100.
  6. ^Empfield, Dan (31 May 2011)."Messick to WTC – analysis".Slowtwitch.com.Retrieved31 May2011.
  7. ^Baumgartner, Kai (August 27, 2015)."Transaction confirmed, Dalian Wanda Group acquires World Triathlon Corporation and Ironman for $650 million".3athlon – DNF is no option.RetrievedAugust 27,2015.
  8. ^Empfield, Dan (8 September 2008)."WTC sold to private equity firm".Slowtwitch.com.Retrieved24 June2010.
  9. ^Empfield, Dan (6 January 2009)."WTC purchases U.S. Ironmans".Slowtwitch.com.Retrieved24 June2010.
  10. ^"World Triathlon Corporation acquires seven U.S.-based races".World Triathlon Corporation. January 6, 2009.RetrievedMarch 31,2015.
  11. ^"WTC Names Andrew Messick Chief Executive Officer".Ironman.com. 31 May 2011.Retrieved31 May2011.
  12. ^Benson, Daniel (31 May 2011)."Tour of California chief to become CEO of World Triathlon Corporation".Cyclingnews.com.Retrieved31 May2011.
  13. ^"Chinese Conglomerate Acquires Ironman For $650 Million".Triathlete.com.Retrieved2015-11-11.
  14. ^abHelliker, Kevin."Ironman to Be Acquired by China's Dalian Wanda".Wall Street Journal.ISSN0099-9660.Retrieved2015-11-11.
  15. ^"The richest man in China has bought the operator of the Ironman triathlon".Business Insider.Retrieved2015-11-11.
  16. ^Empfield, Dan (June 2, 2017)."Ironman acquires Competitor Group".Slowtwitch.com.RetrievedNovember 20,2020.
  17. ^Levison, John (March 26, 2020)."IRONMAN group has been acquired by advance".Tri247.com.RetrievedMarch 26,2020.
  18. ^Helser, Ryan (July 21, 2020)."Advance completes the acquisition of the Ironman group".Slowtwitch.RetrievedJuly 21,2020.
  19. ^rogerhospedales (2012-02-15)."Ironman acquires USM Events".Triathlon Magazine Canada.Retrieved2023-06-29.
  20. ^Empfield, Dan (12 March 2012)."It's now Ironman Cairns!".Slowtwitch.com.Retrieved20 April2012.
  21. ^Roethenbaugh, Gary (13 March 2012)."Ironman Cairns sees Challenge Family terminate USM contract".triathlonbusiness.com.Retrieved20 April2012.
  22. ^"Dextro Energy Triathlon Sydney Comes To An End".International Triathlon Union. July 9, 2012.RetrievedSeptember 11,2012.
  23. ^Roethenbaugh, Gary (June 26, 2013)."Ironman acquisition of YWC Copenhagen deals blow to Challenge in Europe".triathlonbusiness.com.RetrievedAugust 19,2013.
  24. ^abCarlson, Timothy (July 2, 2013)."Challenge terminates contract with Danish triathlons".Slowtwitch.com.RetrievedAugust 19,2013.
  25. ^Roethenbaugh, Gary (July 3, 2013)."All change… new KMD Ironman Copenhagen and KMD Ironman 70.3 Aarhus".RetrievedAugust 19,2013.
  26. ^Speed, Dan (January 21, 2016)."Ironman announces acquisition of Lagardère sports' endurance division".Competitor Group, Inc.RetrievedFebruary 14,2016.
  27. ^"Ironman acquires Cape Epic".IOL.August 18, 2016.RetrievedAugust 19,2016.
  28. ^ab"Ironman Announces Two New 70.3 Events In California".Triathlete.com. January 15, 2015.RetrievedMarch 31,2015.
  29. ^"Iron Girl Celebrates 10th Anniversary With Exciting Additions To The 2013 Event Series".prnewswire.com. February 26, 2013.RetrievedMarch 31,2015.
  30. ^Frank Hellmann (1 November 2013)."Pikanter Personalwechsel".Frankfurter Rundschau(in German).
  31. ^Jens Sägert (31 October 2013)."Challenge Family verliert Kraichgau-Klassiker".tri-mag.de(in German).
  32. ^"Kärntner des Tages – Diese zwei leben für die drei".Kleine Zeitung(in German). 23 June 2012.
  33. ^BK Sportpromotion, press release (31 December 2010)."Swiss Triathlon – Führungswechsel bei BK Sportpromotion AG in Schlieren/Zürich".swisstriathlon.ch(in German). Archived fromthe originalon 18 September 2015.
  34. ^Michael Eder and Ralf Weitbrecht (4 July 2009)."Im Gespräch: Kurt Denk".Frankfurter Allgemeine Zeitung.
  35. ^Williams, Pete (8 April 2008)."Iron Man calls this fight a draw".Street & Smith's Sports Group.Retrieved24 June2010.
  36. ^Bachman, Rachel (July 26, 2019)."Iron Man to Ironman: Pay Up".Wall Street Journal.RetrievedJuly 29,2019.
  37. ^Empfield, Dan (1 March 2010)."Ironman to launch Lava Magazine".Slowtwitch.com.Retrieved5 November2010.
  38. ^"Lava Magazine: Building a Power Foods Pantry: Whole Grains".World Triathlon Corporation. 23 August 2010.Retrieved1 June2011.
  39. ^abEmpfield, Dan (May 17, 2012)."WTC Sells Lava Magazine".Slowtwitch.com.RetrievedMay 18,2012.
  40. ^Frothingham, Steve (May 17, 2012)."WTC sells Lava magazine to investors".Bicycle Retailer.RetrievedMay 18,2012.
  41. ^ab"Ironman Access: New Athlete Membership Program".World Triathlon Corporation. 27 October 2010.Retrieved29 October2010.
  42. ^ab"Ironman Access".World Triathlon Corporation. 28 October 2010. Archived fromthe originalon 30 October 2010.Retrieved29 October2010.
  43. ^Empfield, Dan (31 October 2010)."WTC incepts, rescinds Access program".Slowtwitch.com.Retrieved1 November2010.
  44. ^"Ironman says 'We screwed up' and cancels/refunds Ironman Access".DC Rainmaker. 28 October 2010.Retrieved26 October2011.
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