Lurker4 wrote:
Going from memory, on the podcast Talbot said Knibb allegedly had a flight lined up to land at 11am race morning. The women started at 4:50pm.
My list of possibilities for rejecting her offer is:
1. Tight purse strings with top down pressure to stay on budget.
2. Lack of vision of leadership, maybe partially influenced by a bit of structural ethnocentrism from the Brits about a last minute American coming in lay waste to the field.
2A. Subset of lack of vision, but being so overwhelmed with race day logistics, not wanting to complicate things further. Ultimately lack of vision is still the issue here, as it suggests not wanting to complicate things is more important than a last minute calvary charge story.
Regarding inability to execute on the last minute development, PTO can easily put up a graphic announcing that Knibb is back and hammer that in social media and their live broadcasts. It's not like they need a week long campaign. In the overall scheme of costs of the event, it's relatively minor. If you are already overbudget and have upset management? Then maybe not.
Regarding this new round of funding linked earlier in the thread (seeking $40million), I get the feeling that we are looking at the play right here. Put money in. Get the talent. Get everyone talking about how everyone is putting money in. Get more money while everyone talks about how much money is put in. Get the people who have already put in money, put more money in via sunk cost fallacy. Use that sunk cost fallacy to get other unwitting investors to put more money in because of the current investors and other new ones keep putting money in, there must be something here, so others put money in too.... AND REPEAT.
So in all of this talk of the PTO books, it would be interesting to see who exactly is getting paid. Who gets a % of the funding rounds and what does their ownership look like, etc. etc. I used to think the ultimate goal was to supplant Ironman or create the investment potential to buy it out. Maybe that's still the case*, but it's interesting if the real goal was just to take piece of the action of everyone jumping on to this idea. If they strike gold (unlikely), great. If not, there will at least be some people who made money here.
* And if the goal is to buy Ironman, Ironman owners wouldn't necessarily be opposed to that if the price was right as long as PTO hasn't reduced the value of Ironman through being a viable competitor. Which is at least one reason why Ironman's Pro Tour makes a lot of sense -- it's a lower cost to administer alternative to the PTO that has the same (or greater) marketing value than the T100.
Moritz gave them a $10M grant which allowed them to do Daytona and the bonus pool. Then he funded their Series A. Then there was a
Series B which he was not the "funding leader" but my presumption is that he was the second highest funder. Not sure how much was thrown into the kitty in Series A or B, but with how they burn cash they're looking at spending like 3M/year on athletes alone. Then they have like 20 employees plus dozens of contractors. That doesn't factor in Broadcast so they're burning like 20-30M/year easy. Oh and the PTO board is an executive board that takes a salary. So add like another 1.5M in burn rate. I have no idea who creates these structures, but can I get a board seat?
Washed up footy player turned Triathlete.