The organizers of the big wave surfing contest filed for bankruptcy after being sued by the main sponsor of the event.
Red Bull alleges that Cartel Management breached the contract and is seeking $400,000 in a lawsuit against the management group that has been running the competition at Half Moon Bay since 2014.
Last year, the Titans of Mavericks had already had problems with the contest dates and the World Surf League. Then, the lawsuits from Body Glove, Glissin, and Fox Sports.
"The Chapter 11 filings by Titans of Mavericks and Cartel Management represent the culmination of a strategy designed to implement a sale of the assets and intellectual property of the companies to afford a buyer certain protections available only in bankruptcy," Cartel Management underlines in a press release.
"The process will allow Titans of Mavericks to reach new heights in the right hands. It is time for a larger organization to gain from all of our hard work."
This year's edition of the Titans of Mavericks was going to include women, but the no-go scenario postponed that dream. The local surfers want the event to get back to its roots when everything was plain, pure, and simple.
"Our primary focus has always been to support the men and women who surf Mavericks to preserve the sanctity of the wave and support our local community. We have sacrificed much to create a stage for the world's best big wave surfers. We are disappointed," Jeff Clark, one of the founders of the event, told New York Times.
The good news is that Mavericks, the wave itself, is immune to the financial storm. On January 26, 2017, the Northern California surf break delivered the goods.
"For me, it was one of the best Mavericks I've ever experienced in my life. I've been here for 17 years, so I surfed many good days. But this one was so perfect - it was big, it wasn't huge, and was glassy, sunny, and with light winds," notes Brazilian charger Carlos Burle.
Watch Tom Lowe, Peter Mel, Matt Lopez, Willem Banks, Hunter Murison, Mark Healey, Nathan Fletcher, Pat Shaughnessy, Lucas Chianca, Luca Padua, Matt Becker, Chris Mashburn, and many others having the time of their lives at Mavericks. With their eyes on the Big Wave Awards.