No conspiracy at all but many seem to pay the entry fee without questioning the value of the product and now call IM corrupt for not returning their money.
They’ve been carrying this debt for years but have done such a masterful job puffing up athlete’s egos.

Now everyone seems to have woken up to the fact that IM is broke and their entry fee return policy reflects that fact.

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I get that the experience is different but this is what I am getting at when I repeat time and time again that so many Ironman types aren't actually fans of the sport they are fans of the almighty M-Dot and the "cool factor" that the logo brings.Sure that is great but it is also great to go to random locations with few competitors and really get to know the racers and the town hosting the event.Sometimes the Gong Show of low key races is part of the fun.
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I have raced the Esprit in Montreal twice,the 226 in Ottawa,the Grand Columbian in Washington State,The Single Anvil Oregon,Challenge Cairns,Challenge Wanaka and the Triple M Tri in Sydney on top of 25 or so Ironman's and each one of the independent races were fun for their own reasons.The Grand Columbian was hilarious as the RD from Ironman Canada,his wife,Steve King and I drove down from Penticton together for the weekend.I raced and the other three ran the finish line.I finished in second place and then was immediately put to work,with cans of beer in my water bottle cages, as finish line spotter which meant I had to get back on my bike and ride back and forth one block to let them know what number racer was about to make the final turn to finish.All great fun.
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Big crowds and "The Show" are all well and good but part of the attraction of the 20-plus Ultra-tri's I have been part of is the low numbers and the laid back atmosphere without the bluster and ego.I am volunteering at another Ultra right now with 60'ish competitors and it is great fun.
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If people didn't see value in the product then they wouldn't buy it....

So you are saying IM is bad because they aren't doing great financially?

People aren't "Fans" of Ironman, they're customers of Ironman.

i got taken to task for saying that.

I don't deny that IM puts on great events of that size, but if the Big Island county council got together and decided to award Challenge the 2023 permits for an October full distance race and they decided to make all challenge events globally qualifying events with chances for the MOP/Everyman to get in as well, we wouldn't hear a thing about IM for a year. IDK why but Kona still holds that allure and whoever controls Kona controls long distance triathlon.

I don't deny that IM puts on great events of that size, but if the Big Island county council got together and decided to award Challenge the 2023 permits for an October full distance race and they decided to make all challenge events globally qualifying events with chances for the MOP/Everyman to get in as well, we wouldn't hear a thing about IM for a year. IDK why but Kona still holds that allure and whoever controls Kona controls long distance triathlon.