This happened after obtaining financing from Crankstart Investments, company led by billionaire Michael Moritz and after announcing the Collins Cup, with 2 million dollars in prizes.
We already know the answer you have given Wanda Group to the proposal made by the PTO for the acquisition of IRONMAN.
According to the website sportbusiness.com has said it will not hold discussions with the PTO about its takeover offer for the IRONMAN long-distance triathlon series due to the "lack of clarity and detail" provided.
It was the second attempt
The PTO has already tried several times, but the response has always been a refusal by the Chinese group.
This time Wanda has again rejected the proposal, questioning the lack of details provided.
In a statement, Wanda commented
"The Wanda Sports Group Board of Directors is committed to acting in the best interest of shareholders and regularly evaluates all opportunities to create value.
The Ironman Group is successfully executing its growth strategy as evidenced by its growing base of athletes and fans, and its ability to add important events in key markets around the world.
We have reviewed the vague and highly conditional letter of the Organization of Professional Triathletes, which is very similar to your first unsolicited letter.
Based on the lack of clarity and specific details of the PTO, we are not prepared to start a discussion with the PTO at this time.".
It seems that Wanda has little interest in selling IRONMAN
With these negatives, everything indicates that Wanda has little interest in the sale of IRONMAN, which is considered an important part of the growth strategy.
The Wanda Sports Group debuted at the Nasdaq in the middle of the year where it raised a total IPO of $ 190.4 million, a figure much lower than expected.
However, the financial results obtained by IRONMAN (109 million euros in 2018) make it a part of the business that investors can see positively.
We will have to wait for the next chapter of the “IRONMAN soap opera”
There are no previous results.