Mavericks Surf Contest Backers File for Bankruptcy

The organizers of the Titans of Mavericks big-wave surf contest have filed for bankruptcy and are planning on selling the assets and intellectual property of the event.

The contest organizers, Cartel Management Inc. and Titans of Mavericks LLC, filed for Chapter 11 bankruptcy on Tuesday in Los Angeles.

In a statement, event organizer and Cartel CEO Griffin Guess says the decision to file for bankruptcy is part of a strategy to ensure a smooth transition of business operations.

"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," says Guess.

This year's event -- which has yet to take place -- is set to include a women's field for the first time.

"It’s just really disappointing for the women athletes that were finally going to be able to compete. They’ve been training for it," says San Mateo County Harbor commissioner Sabrina Brennan. "I’m sure that all the athletes are going to be very disappointed about the news."

In 2014, Cartel Management acquired the contest, which is held in 25-foot-plus waves at the Mavericks break near Pillar Point in Half Moon Bay.

The contest window runs from Nov. 1 through March 31.

Since the contest is already well into its five-month season, Brennan says it's unlikely that Mavericks will take place this year.

“I hope that a more professional organization will turn up and get the event going in the right direction," says Brennan. "But I don’t see how they could get that together for this season."

Additionally, Red Bull Media House North America filed suit against the companies for breach of contract and unjust enrichment last Friday. Red Bull Media had been contracted to provide live streaming of the contest.