Ironman reject PTO offer
Wanda, who own Ironman, have rejected the PTO’s (Professional Triathlon Organisation) offer to purchase Ironman and its assets. In a letter to PTO the CEO of WTC, Andrew Messick, said “I have discussed your letter with my Board. While we appreciate your interest, we are not prepared to engage in a discussion around a sale at this point.”
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On 20 September the PTO sent a letter to Wanda proposing “to enter into discussions for the acquisition by the PTO of all of the assets of the Wanda Sports Group Company Limited (‘WSG’) related to its worldwide triathlon and mass participation business (the ‘WTC Triathlon-MP Business’)”.
The PTO responded to this statement with a letter to Ironman, saying: “Please be advised that the PTO will continue to implement its strategy for self-determination successfully followed by professional athletes in other sports such as golf and tennis, and we plan on moving forward with acquiring and operating events in the space to celebrate the sport we are so passionate about. Rest assured that our plan is not mutually exclusive and our proposal to enter into discussions to acquire the WTC Triathlon-MP Business remains open. Together with North Point Advisors we are prepared to begin such discussions immediately should the WSG Board reassess its position.”