World Triathlon Corporation

Last updated
World Triathlon Corporation
Company type Private equity portfolio company
Industry Sport Event Management
Sports
Founded1991 in Tarpon Springs, Florida
Founder Valerie Silk, James Gills, David Voth
Headquarters Tampa Bay, Florida
Key people
 Scott DeRue: CEO
Ben Fertic: President
Products Ironman Triathlon, Ironman 70.3, Ironman Live, Iron Girl, Ironkids
Parent Advance
Website ironman.com OOjs UI icon edit-ltr-progressive.svg

The World Triathlon Corporation (WTC) is a sports event promotion company owned by conglomerate Advance Publications, that produces the Ironman Triathlon, Ironman 70.3, the 5150 series of triathlon races, and other sports events. [1]

Contents

History

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 of Information 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 of Ironman 70.3 events in Boise, Idaho and Providence, 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 president AEG, 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, the Tour of California cycling event. [12]

Dalian Wanda Group (2015–2020)

In Fall 2015, World Triathlon Corporation and the Ironman brand were acquired by Chinese conglomerate Dalian 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 the Wall Street Journal estimated 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 acquired Competitor Group (operator of the Rock 'n' Roll Marathon Series) in 2017; it became a subsidiary of the Ironman Group. [16]

Advance (2020–)

On March 26, 2020, Advance Publications announced 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

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 into International Triathlon Union racing with the Sydney WTS race, but government officials in New South Wales took 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 acquired Lagardère Group's endurance sports division. Lagardère was owners of ITU World Triathlon Series races in Hamburg, Abu Dhabi, Kapstadt, Leeds, and Stockholm. The acquisition also greatly expanded WTC's portfolio beyond triathlon adding several cycling events like Cyclassics Hamburg, Velothon Berlin, Velothon Wales, Velothon Copenhagen, Velothon Stockholm, Velothon Stuttgart as well as several running events like the Hamburg 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]

Event and product licensing

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 the licensing agreement both Marvel and 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 to Timex Group USA of the Ironman Triathlon logo for use in the Timex Ironman watch line that includes the Timex Ironman Datalink series of GPS type watches.

Former business ventures

LAVA magazine

In March 2010, World Triathlon Corporation announced the start of a triathlon publication called LAVA magazine. At its conception, the magazine was published by John Duke, former publisher of Triathlete Magazine and then Vice President of Global Sales and Media for WTC. LAVA built 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 the Hawaiian Island that 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 sold LAVA to a group of investors that included LAVA publisher 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 prevented LAVA from being sold on the newsstand for two years. That ban was the result of a dispute and settlement between Duke's previous employer Triathlete Magazine, its parent Competitor Group, Inc., and WTC. [40] After the sale LAVA will 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

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 its LAVA magazine 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 through Facebook, Ben Fertic, then CEO of WTC, appeared in an online video announcing that Ironman Access program would be rescinded, 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

Related Research Articles

An Ironman Triathlon is one of a series of long-distance triathlon races organized by the World Triathlon Corporation (WTC), consisting of a 2.4-mile (3.9 km) swim, a 112-mile (180.2 km) bicycle ride and a marathon 26.22-mile (42.2 km) run completed in that order, a total of 140.6 miles (226.3 km). It is widely considered one of the most difficult one-day sporting events in the world.

Andrew Robert Potts is a triathlete from the United States. He competed in triathlon at the 2004 Summer Olympics and is the 2007 Ironman 70.3 World Champion. Prior to triathlon, Potts was a swimmer where he won the bronze medal in the men's 400m individual medley at the 1995 Summer Universiade and earned a spot on the USA Swimming national team where he would place fourth at the 1996 Olympic Trials in the 400 IM.

An Ironman 70.3, also known as a Half Ironman, is one of a series of long-distance triathlon races organized by the World Triathlon Corporation (WTC). The "70.3" refers to the total distance in miles (113.0 km) covered in the race, consisting of a 1.2-mile (1.9 km) swim, a 56-mile (90 km) bike ride, and a 13.1-mile (21.1 km) run. Each distance of the swim, bike, and run segments is half the distance of that segment in an Ironman Triathlon. The Ironman 70.3 series culminates each year with a World Championship competition, for which competitors qualify during the 70.3 series in the 12 months prior to the championship race. In addition to the World Championship race, Ironman 70.3 championship competitions are also held for the European, Asia-Pacific, and Latin America regions.

The Life Time Triathlon Series is a set of Olympic Distance triathlon races held annually in the United States and organized by Life Time Fitness.

The 2010 Ironman 70.3 World Championship was a triathlon competition held in Clearwater, Florida on November 13, 2010. It was sponsored by Foster Grant and organized by the World Triathlon Corporation. The championship race was the culmination of the Ironman 70.3 series of events that occurred from October 2009 to September 2010. Athletes, both professional and amateur, earned a spot in the championship race by qualifying in races throughout the 70.3 series. The 2010 Championship was won by Michael Raelert of Germany and Jodie Swallow of Great Britain.

The 2008 Ironman 70.3 World Championship was a triathlon competition held in Clearwater, Florida on November 8, 2008. The race was sponsored by Foster Grant and organized by the World Triathlon Corporation. The championship race is the culmination of the Ironman 70.3 series of events that took place from October 2007 to September 2008. Athletes, both professional and amateur, earn a spot in the championship race by qualifying in races throughout the 70.3 series. The 2008 championship race was represented by athletes from 52 different countries and 46 different U.S. States.

The 2011 Ironman 70.3 World Championship was a triathlon competition that was held at Lake Las Vegas in Henderson, Nevada on September 11, 2011. It was sponsored by the United States Marine Corps and organized by the World Triathlon Corporation. The championship race was the culmination of the Ironman 70.3 series of events that occurred from October 1, 2010 to August 15, 2011. Athletes, both professional and amateur, earned a spot in the championship race by qualifying in races throughout the 70.3 series. The 2011 Championship marked the first year that the race was not held in Clearwater, Florida, which had hosted the race since its inception in 2006.

The 2011 Ironman World Championship was held on October 8, 2011, in Kailua-Kona, Hawaii and won by Craig Alexander of Australia and Chrissie Wellington of England. It was the 35th such Ironman Triathlon World Championships, which has been held annually in Hawaii since 1978, with an additional race in 1982. The championship is organised by the World Triathlon Corporation (WTC).

Competitor Group, Inc. (CGI) is a privately held, for-profit, sports marketing and management company based in Mira Mesa, San Diego, California. The company owns and operates over 40 large scale running, cycling, and triathlon events; of which includes the Rock 'n' Roll Marathon Series.

The 2012 Ironman 70.3 World Championship was a triathlon competition held at Lake Las Vegas in Henderson, Nevada on September 9, 2012. The championship was sponsored by the United States Marine Corps and organized by the World Triathlon Corporation (WTC) and was the culmination of the Ironman 70.3 series of events that occurred from August 14, 2011 through August 13, 2012. Athletes, both professional and amateur, earned a spot in the championship race by qualifying in races throughout the 70.3 series.

The 2007 Ironman 70.3 World Championship was a triathlon competition held in Clearwater, Florida on November 10, 2007. The championship was sponsored by Ford and organized by the World Triathlon Corporation (WTC). The championship was the culmination of the Ironman 70.3 series of events that occurred from November 2006 through September 2007. Athletes, both professional and amateur, earned a spot in the championship race by qualifying in races throughout the 70.3 series.

Pete Jacobs is an Australian professional triathlete competing primarily in long-distance, non-drafting triathlon events. He is the winner of the 2012 Ironman World Championship.

The 2013 Ironman World Championship was a long distance triathlon competition that was held on October 12, 2013 in Kailua-Kona, Hawaii. The event was won by Belgium's Frederik Van Lierde and Australia's Mirinda Carfrae. It was the 37th edition of the Ironman World Championship, which has been held annually in Hawaii since 1978. The championship is organized by the World Triathlon Corporation (WTC).

Heather Jackson is an American triathlete and track cyclist. She is the runner-up of the 2013 Ironman 70.3 World Championship and the third-place finisher at the 2012 Ironman 70.3 World Championship. In 2009, she took third place in individual pursuit and omnium at the USA Cycling Elite Track National Championships.

Rachel Joyce is an English professional triathlete. She is the winner of the 2011 ITU Long Distance Triathlon World Championships and the second-place finisher at the 2013 Ironman World Championship and 2015 Ironman World Championship. She races in primarily long-distance triathlon events, such as Ironman and Ironman 70.3 distances, and has won events such as Ironman Mont Tremblant in 2017 and Challenge Roth in 2012.

The 2014 Ironman 70.3 World Championship was a triathlon competition that was held in Mont-Tremblant, Quebec, Canada on September 7, 2014 and won by Javier Gomez of Spain and Daniela Ryf of Switzerland. The championship was organized by the World Triathlon Corporation (WTC) and was the culmination of the Ironman 70.3 series of events that occurred from August 16, 2013 through July 27, 2014. Athletes, both professional and amateur, earned a spot in the championship race by qualifying in races throughout the 70.3 series. A prize purse of $250,000 was distributed to the top 10 male and female professional athletes, a $50,000 increase from the previous year.

The 2014 Ironman World Championship was a long distance triathlon competition that was held on October 11, 2014 in Kailua-Kona, Hawaii. The event was won by Sebastian Kienle of Germany and Australia's Mirinda Carfrae. It was the 38th edition of the Ironman World Championship, which has been held annually in Hawaii since 1978, with an additional race in 1982. The championship was organized by the World Triathlon Corporation (WTC) and awarded a total purse prize of $650,000.

The 2015 Ironman World Championship was a long distance triathlon competition held on October 10, 2015 in Kailua-Kona, Hawaii and won by Jan Frodeno of Germany and Daniela Ryf of Switzerland. The race was the 39th edition of the Ironman World Championship, which has been held annually in Hawaii since 1978. The championship was organized by the World Triathlon Corporation (WTC) and awarded a total purse prize of $650,000.

The 2015 Ironman 70.3 World Championship was a triathlon competition that was held in Zell am See-Kaprun, Austria on August 30, 2015. It was won by Jan Frodeno of Germany and Daniela Ryf of Switzerland. The championship was organized by the World Triathlon Corporation (WTC) and was the culmination of the Ironman 70.3 series of events that occurred from August 3, 2014 through July 12, 2015. Athletes, both professional and amateur, earned a spot in the championship race by qualifying in races throughout the 70.3 series. A prize purse of $250,000 will be distributed to the top 10 male and female professional athletes. The race marked the second year of the championship event being held in a non-recurring location and the first time being held in Europe.

The 2016 Ironman World Championship was a long distance triathlon competition that was held on October 8, 2016 in Kailua-Kona, Hawaii. It was won by Jan Frodeno of Germany and Daniela Ryf of Switzerland, both repeat champions from 2015. The race was the 40th edition of the Ironman World Championship, which has been held annually in Hawaii since 1978. The championship was organized by the World Triathlon Corporation (WTC) and awarded a total purse prize of $650,000.

References

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  28. 1 2 "Ironman Announces Two New 70.3 Events In California". Triathlete.com. January 15, 2015. Retrieved March 31, 2015.
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  38. ↑ "Lava Magazine: Building a Power Foods Pantry: Whole Grains". World Triathlon Corporation. 23 August 2010. Retrieved 1 June 2011.
  39. 1 2 Empfield, Dan (May 17, 2012). "WTC Sells Lava Magazine". Slowtwitch.com. Retrieved May 18, 2012.
  40. ↑ Frothingham, Steve (May 17, 2012). "WTC sells Lava magazine to investors". Bicycle Retailer. Retrieved May 18, 2012.
  41. 1 2 "Ironman Access: New Athlete Membership Program". World Triathlon Corporation. 27 October 2010. Retrieved 29 October 2010.
  42. 1 2 "Ironman Access". World Triathlon Corporation. 28 October 2010. Archived from the original on 30 October 2010. Retrieved 29 October 2010.
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  44. ↑ "Ironman says 'We screwed up' and cancels/refunds Ironman Access". DC Rainmaker. 28 October 2010. Retrieved 26 October 2011.
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