Posts mit dem Label Charles Adamo werden angezeigt. Alle Posts anzeigen
Posts mit dem Label Charles Adamo werden angezeigt. Alle Posts anzeigen

Donnerstag, 19. März 2020

COVID-19 Response. Professional Triathletes Organisation (PTO) pays athletes $2,500,000, inaugural Collins Cup moves to 2021

The Professional Triathletes Organisation today announced its response to COVID-19 by increasing its Year-End Annual Bonus Programme from $2,000,000 to $2,500,000 and paying it all immediately based on the PTO World Rankings. The $500,000 increase would go to men and women athletes ranked 21-50, who previously would have been paid $5,000 each in a year-end bonus, but will now see that amount raised to $8,000, and men and women athletes ranked 51-100, who previously would have been paid $2,000 each in a year-end bonus, but will now see that amount raised to $5,000. Athletes will be paid based on their PTO World Ranking as of January 1 or March 15, whichever is higher.

During this period that the race schedule is disrupted, the top ten PTO World Ranked men and women athletes have committed to work together with the PTO to engage in appearances and online exhibitions and any revenue from these will be distributed to athletes ranked 20-100.

Rachel Joyce, Co-President of the PTO, commented, “The world finds itself in a difficult and almost unprecedented time. We appreciate that many people are struggling both physically and economically. For our athletes, like many others, the future is filled with uncertainty. With many races cancelled, the ability of our athletes to be able to race in the near future has been greatly reduced. The PTO has been looking for a way to support our athletes in this time of instability. We appreciate that many race operators and race directors are struggling with financial constraints and the PTO is fortunate to be in a position to be able to provide some support to our athletes. We hope that our response in paying athletes a total of $2,500,000 today will help them manage the immediate disruption they are experiencing. We are now looking to work with sponsors, governing bodies, race organisers and other groups in exploring additional opportunities to help alleviate the hardships that COVID-19 is causing to the triathlon community.”

Charles Adamo, Chairman of the PTO, stated that, “The actions taken by the PTO today are indicative of the way our athletes are viewed as valuable partners. Once events were being cancelled, the Crankstart Investments team immediately contacted us and wanted to find the best way to provide short-term support to the athletes. We will continue to monitor the ongoing impact and hope to be able to adopt additional programmes where athletes are not only supported, but also are able to provide support to others who may be struggling in this current environment. As an organisation, the PTO and its professional athletes will look to work with governing bodies, race directors, race organisers and our entire triathlon community to see how we are able to help.”

The PTO also has also announced that under the current circumstances, The Collins Cup, scheduled for May 30, will need to be postponed and will be rescheduled for 2021 at the x-bionic-sphere®. For THE CHAMPIONSHIP, scheduled for May 31, Challenge Family and the x-bionic-sphere are working closely with the local authorities to determine if the event should and can be rescheduled for a later 2020 date. Sam Renouf, CEO of the PTO, commented that, “Given the complex and innovative broadcast production we were going to deliver for The Collins Cup, it is just impossible to logistically have all the worldwide vendors and suppliers gearing-up in this uncertain environment and be able to hold The Collins Cup this year.”

Dienstag, 21. Januar 2020

Professional Triathletes Organisation Announces Financial Partner And $2,000,000 Collins Cup

The Professional Triathletes Organisation today announced that it has partnered with Crankstart Investments, an investment vehicle for Michael Moritz, in establishing a platform for professional triathletes to begin to realise their goal of athlete self-determination. As a result of this partnership, the PTO is also announcing that The Collins Cup will be held from 29-30th May 2020 at the x-bionic® sphere, in Samorin, Slovakia, and there will be over $2,000,000 in prize money for the event.

Rachel Joyce, Co-President of the PTO, commented “This day has been long in coming and we are grateful to the great professional triathletes who have, through all their blood and sweat over many years, paved the way for this opportunity to materialise. The Collins Cup will be a true celebration of both the history and the future of the sport we love so much, and we look forward to hosting the event and engaging the entire triathlon community.”

Charles Adamo, Chairman of the PTO, stated that “The PTO has been working for a number of years to create an environment and structure where professional triathletes have a meaningful voice in the way the sport is operated and can contribute to its growth for the benefit of the entire triathlon community. We are very pleased to have teamed up with Crankstart Investments and Michael Moritz, who share our vision in the potential of the sport and the best means by which to see it grow and thrive.”

Under its partnership, the PTO and Crankstart Investments share equally in all profits generated by operations. Michael Moritz, Chairman of Crankstart Investments, commented “The spread of the internet, the rise in the number of media outlets thirsty for top-notch sporting content, combined with the latest production techniques now make it possible to bring to international audiences the extraordinary accomplishments of today’s highest performing athletes – the top forty male and female triathletes in the world. A major part of the attraction of the PTO is that, unlike every other sport, men and women compete for equal prize money and the athletes are co-owners of the business. This means that all participants will share, on an equal footing, in the PTO’s collective success – a recipe that is a mainstay of the Silicon Valley investment model.”

Tim O’Donnell, Co-President of the PTO, commented “We are very pleased to be able to provide professional triathletes with the platform to put on display their tremendous athletic performances and make a difference in our sport. We are grateful for the confidence that Crankstart Investments and Michael Moritz have placed in us, and we appreciate that with this confidence comes great responsibility. As co-owners in this partnership, the PTO and its professional members are committed to not only making it a success, but also to being a contributor to the growth of the sport and the wider triathlon community. While arranging the investment, we were working behind the scenes and over 100 professional triathletes have become members of the PTO, including all of the top 35 men and top 35 women in the PTO World Rankings. Now that we have been able to make this announcement, we can invite all licenced professionals to become PTO Members. There are no costs or membership fees involved and any professional can find out more information by e-mailing us at membership[AT]protriathletes.org.”

North Point Advisors has acted as exclusive placement agent for the Professional Triathletes Organisation.