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PTO renews interest in acquiring IRONMAN

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The Professional Triathletes Organisation has today released the following letter, set out below. This was sent to the Board of Directors of Wanda Sports Group on February 3rd, 2020 advising that PTO has closed on its financial partnership with Crankstart Investments.

The letter renews PTO’s proposal to enter into discussions to acquire the IRONMAN business…

3rd February 2020

Board of Directors, Wanda Sports Group Company Limited
Andrew Messick, Chief Executive Officer, World Triathlon Corporation

Dear Members of the Board:

We are writing on behalf of the Professional Triathletes Organisation (the “PTO”) to advise you that we have closed on our partnership financing with Crankstart Investments. We again want to put forth our proposal 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 Business”).

The PTO is prepared to consider an all-cash transaction or one in which the existing shareholders of WSG are able to participate in the growth of the WTC Business that the PTO is uniquely positioned to deliver. We strongly believe that it is only with the assistance of the PTO and its professional athletes that the WTC Business has the ability to stabilise and grow, and that without our cooperation the WTC Business would deteriorate. We are happy to work with any other financially stable group who may be interested in acquiring the WTC Business, reducing its debt load and unleashing the value only the PTO and its professional athletes can deliver.

The PTO and North Point Advisors, our financial advisors, are prepared to begin discussions forthwith with your senior management and your financial advisors and to sign a customary confidentiality agreement in order to commence certain confirmatory due diligence. In light of the significance of this proposal to your shareholders and the triathlon community, as well as the potential for selective disclosures, we will publicly release the text of this letter tomorrow morning.

We believe this proposal represents a unique opportunity to realise significant value for WSG shareholders and employees, and that the PTO can uniquely provide a healthy and growing environment for the WTC Business.

We hope that you and your Board share our enthusiasm and, consistent with applicable fiduciary duties, we look forward to a prompt and favourable reply.

Respectfully yours,
Charles D. Adamo – Chairman
Sam Renouf – Chief Executive Officer
Rachel Joyce – Co-President
Tim O’Donnell – Co-President

cc: David Jacquin, North Point Advisors, 580 California Street, Suite 200, San Francisco, CA 94104

www.protriathletes.org
www.ironman.com

 

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