City puts Challenge Penticton up for sale

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HCcD
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City puts Challenge Penticton up for sale

Postby HCcD » Wed Mar 26, 2014 8:40 am

Does RM have some spare $$, in it's piggy bank, to buy the rights to the Penticton Challenge ??? :shock: :wink: :lol: :shifty:

http://www.pentictonwesternnews.com/news/250885001.html
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Re: City puts Challenge Penticton up for sale

Postby Jwolf » Wed Mar 26, 2014 4:12 pm

I just came here to post the same thing.

Apparently they didn't do too well financially last year, compared to when WTC had the race.
I think they need to give it at least another year to see how it does when it's not the same weekend as IMC. But I guess they already know how many entries they have and are likely to get.

It's too bad-- I really hope they can work something out and this race stays there in some capacity.
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Re: City puts Challenge Penticton up for sale

Postby ultraslacker » Wed Mar 26, 2014 6:37 pm

Unfortunately the RM bank account can't cover the $377,000 debt! :lol:
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Re: City puts Challenge Penticton up for sale

Postby Jwolf » Thu Mar 27, 2014 10:01 am

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Re: City puts Challenge Penticton up for sale

Postby jgore » Thu Mar 27, 2014 11:16 am

Jwolf wrote:And we have some potential buyers. :)

http://www.pentictonwesternnews.com/news/252341041.html


Ah, you beat me to it. I was just about to post that. Nice to see that it's a couple of guys who have lived there a long time and been involved with the sport and that race in particular.

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Re: City puts Challenge Penticton up for sale

Postby Wu wei » Fri Mar 28, 2014 8:39 am

I think this race will rise again.

It fills a dead spot at the end of the season for both BC and AB athletes. The new half distance should attract a big field this year, but the full will take a few years....

I'll be there for the half this year. I'd do the full but that would smoke me for CX season!
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Re: City puts Challenge Penticton up for sale

Postby jonovision_man » Sun Mar 30, 2014 11:15 am

Way to go Penticton City Council.

The reason they dumped Ironman:
Penticton Mayor Dan Ashton said his city dumped the Ironman in favour of the Challenge brand of iron man-distance triathlon because the cost to taxpayers reached a high this year, calling for $120,000 in cash and in-kind, plus $60,000 for marketing. Last year's figures were $105,000 and $45,000, respectively.

- See more at: http://www.timescolonist.com/news/local ... 7UUEF.dpuf


So instead of about $180k of expenses, they now are saddled with almost $400k in debt... and are now desperately seeking some new sucker to take it over so they get paid back. And of course without the "Ironman" name, or the TV exposure, etc that came with being Ironman Canada.

Fools.

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Re: City puts Challenge Penticton up for sale

Postby ian » Sun Mar 30, 2014 4:20 pm

jonovision_man wrote:So instead of about $180k of expenses, they now are saddled with almost $400k in debt... and are now desperately seeking some new sucker to take it over so they get paid back. And of course without the "Ironman" name, or the TV exposure, etc that came with being Ironman Canada.

Fools.

http://en.wikipedia.org/wiki/Dollar_auction

This problem runs far deeper than one municipal government. Every corporate tax break, loan guarantee, or subsidy made in the name of creating/saving jobs and growing/preserving the economy has the potential to morph incrementally into a scenario in which a company's main profit line arises from extortion of the taxpayers. It's an irresistible game to join, costly to play, and hard to get out of.

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Re: City puts Challenge Penticton up for sale

Postby Jwolf » Sun Mar 30, 2014 8:06 pm

the numbers up there also look a bit funny. IMC was predicted to cost a lot more under the WTC umbrella. They should have projected lower registration numbers, but it was only the first year so they didn't really know. With the half distance becoming more of a draw and the new date for IMC in Whistler, it will be interesting to see what happens this year and next.
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Re: City puts Challenge Penticton up for sale

Postby Wu wei » Mon Mar 31, 2014 11:38 am

Jwolf wrote:the numbers up there also look a bit funny. IMC was predicted to cost a lot more under the WTC umbrella. They should have projected lower registration numbers, but it was only the first year so they didn't really know. With the half distance becoming more of a draw and the new date for IMC in Whistler, it will be interesting to see what happens this year and next.


Very few businesses make money right away. Anyone who thought Challenge was just going to keep rolling with the same WTC numbers was delusional.
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Re: City puts Challenge Penticton up for sale

Postby Jwolf » Mon Mar 31, 2014 11:42 am

Wu wei wrote:
Jwolf wrote:the numbers up there also look a bit funny. IMC was predicted to cost a lot more under the WTC umbrella. They should have projected lower registration numbers, but it was only the first year so they didn't really know. With the half distance becoming more of a draw and the new date for IMC in Whistler, it will be interesting to see what happens this year and next.


Very few businesses make money right away. Anyone who thought Challenge was just going to keep rolling with the same WTC numbers was delusional.

Agreed.
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Re: City puts Challenge Penticton up for sale

Postby jonovision_man » Mon Mar 31, 2014 12:16 pm

Wu wei wrote:
Jwolf wrote:the numbers up there also look a bit funny. IMC was predicted to cost a lot more under the WTC umbrella. They should have projected lower registration numbers, but it was only the first year so they didn't really know. With the half distance becoming more of a draw and the new date for IMC in Whistler, it will be interesting to see what happens this year and next.


Very few businesses make money right away. Anyone who thought Challenge was just going to keep rolling with the same WTC numbers was delusional.


You know which business did make money right away? Ironman Canada in Whistler. Sold out in 2013.

The "Ironman" brand may not be important to everyone, but it's important to a lot of people, and adds instant credibility (and Kona spots!) to an Iron-distance event. Conversely, losing the "Ironman" brand leaves them trying to establish a brand unknown to most Canadians ("Challenge"). It may take years, it may never happen.

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Re: City puts Challenge Penticton up for sale

Postby Wu wei » Mon Mar 31, 2014 12:22 pm

jonovision_man wrote:
Wu wei wrote:
Jwolf wrote:the numbers up there also look a bit funny. IMC was predicted to cost a lot more under the WTC umbrella. They should have projected lower registration numbers, but it was only the first year so they didn't really know. With the half distance becoming more of a draw and the new date for IMC in Whistler, it will be interesting to see what happens this year and next.


Very few businesses make money right away. Anyone who thought Challenge was just going to keep rolling with the same WTC numbers was delusional.


You know which business did make money right away? Ironman Canada in Whistler. Sold out in 2013.

The "Ironman" brand may not be important to everyone, but it's important to a lot of people, and adds instant credibility (and Kona spots!) to an Iron-distance event. Conversely, losing the "Ironman" brand leaves them trying to establish a brand unknown to most Canadians ("Challenge"). It may take years, it may never happen.

jono


Cool story.
“It is not he who reviles or strikes you who insults you, but your opinion that these things are insulting.”
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