As we reported on February 4, Spartan Race have been working closely with the US Trustee in charge of the Tough Mudder Bankruptcy Case, to acquire Tough Mudder.
Yesterday, the Trustee filed a motion approving the sale of Tough Mudder US to Spartan Race. In addition, the Trustee has requested, and the Court has ruled that any other arguments or bids must be received by the next hearing which is February 25, 2020 at 1:00pm EST in Judge Sotchi’s court.
We are going to capture and summarize what we believe the most salient points of the recent filings are for the obstacle racing community.
We will begin with the confidence The Trustee has in Joe Desena and Spartan’s plan to save Tough Mudder .
From the motion: “The Sale is a sound exercise of the Trustee’s business judgment. With no other viable offers for the Acquired Assets, the Debtors’ estates are left with assets rapidly losing value with significant risk of offering no return to the Debtors’ estates. The Buyer has put forth the most favorable offer for these assets. After due consideration of the terms of the offer, the Trustee concluded that the Sale Agreement provides the best value for the Acquired Assets that are otherwise at risk of losing significant, if not all, value. The resulting Sale is the product of arm’s-length negotiations between the Parties that includes fair and reasonable consideration under the circumstances. In light of the foregoing, the Trustee believes that the Sale should be approved as a sound exercise of the Trustee’s business judgment.”
Next, is the number of events which Tough Mudder will produce in North America in 2020. There are a handful of venues listed in one of the schedules/exhibits but that page of the filing is focused on monies owed and are not schedule dependent.
The motion states: “Indeed, as of the filing of this Motion, as a result of the Debtors ceasing operations, the events scheduled for the first two quarters of 2020 and others after that may no longer be salvageable and may need to be canceled.”
We reached out to Joe Desena for more specific details on the 2020 schedule. He told us :
“Our goal is to quickly over the next 6 months get Mudder back to where it was just 24 month ago with events in all markets where Spartan exists. It’s going to take a little time and massive investments but we are fully committed”
At the end of this article, we will list ORM’s best estimate as to what we believe the 2020 Tough Mudder schedule may look like.
Some have asked where Active is in all of this?. The motion states:
“The Seller may, but has no obligation to, resume selling Tough Mudder event registrations through the Debtor’s event registration platform with Active for each of the Assumed Events.”
There was some additional information about refunds for events and/or season passes. Joe Desena informed us we will know more about that on or about the 25th of February.
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Estimated 2020 Tough Mudder Schedule
We can not stress enough this is NOT inside information or anything binding. It is our best estimate based on all information available to date.
College Station March 21, 22 Not Likely
Los Angeles April 4,5 Not Likely
Atlanta May 2,3 Not Likely
Philly May 16,27 Not Likely
Missouri May 16, 17` Not Likely
Michigan May 30,31 Not Likely
Virginia May 30, 31 Not Likely
Wisconsin June 13, 14 Possible
Whistler, BC June 13-14 Possible
Boston June 20, 21 Possible
Twin Cities July 11, 12 Possible
Indiana Aug 1 -2 Probable
Buffalo Aug 15, 16 Probable
Chicago Aug 22, 23 Probable
Pittsburgh Aug 29,30 Likely
Tri State Sept 12,13 Likely
Toronto, Sept 19, 20 Likely
Nashville Sept 26,27 Likely
Sonoma Oct 3,4 Likely
Las Vegas Oct 17,18 Likely
Dallas Oct 31, Nov 1 Likely
Dallas – WTM Nov 7,8 Likely
SoCal Nov 14,15 Likely
Central Florida Nov 21, 22 Likely
Arizona Dec 5, 6 Likely
Stay up to date with all of the Tough Mudder news, and how we got to this point here.
Matt B. Davis
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