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Nine sells key sport events to Ironman Group for $31 million
The Nine media group has sold five of its major sports events, including The Sun-Herald City2Surf, to endurance race promoter Ironman for $31 million.
The Ironman Group will add The Sun-Herald City2Surf, The Sydney Morning Herald Half Marathon, Carman's Women's Fun Run, Spring Cycle and the Melbourne Corporate Triathlon to its global portfolio of events as part of the sale.
The move to sell its sporting events is part of the latest restructuring of the former publishing empire’s assets and will see the IRONMAN group add to its global portfolio of events in Australia such as the Blue Mountains ultra trail race and Noosa’s Runaway marathon.
While Nine’s publications will still continue to have an ongoing relationship with their respective events as naming partners it is expected that around half of the employees within Nine’s division will move with the sale.
Announcing the acquisition, Dave Beeche, Managing Director for The Ironman Group in Oceania, stated “the Fairfax Media Events team are outstanding and have a reputation for delivering world-class events.
“Sydney and Melbourne are considered two of the world’s greatest cities and with the addition of these events, we now have a major presence in each with staff expertise that will allow for us to be forward thinking as we evolve and develop.
“We look forward to integrating those involved with the events into our business as we continue to ensure our global community receives the life-changing race experiences that they have come to know and expect from us.”
Alex Parsons, acting Managing Director of Nine’s Events and Entertainment division, added “today’s announcement sees iconic events like The Sun-Herald City2Surf and The Sydney Morning Herald Half Marathon bought by an owner who is well placed to maximise the value of the business and help it grow into the future.”
Nine also confirmed it would no longer continue with some of its smaller sporting events.
Image: The Sun-Herald City2Surf, courtesy of Salty Dingo.
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