Clarendon Lawyers has announced that it advised World Triathlon Corporation (WTC) on the acquisition of five iconic sporting events.
WTC acquired The Sun-Herald City2Surf, The Sydney Morning Herald Half Marathon, Carman’s Women’s Fun Run, Melbourne Corporate Triathlon, and Spring Cycle, from Fairfax subsidiaries of Nine Entertainment Co. Holdings Limited (Nine) for $31 million. The completion of the purchase is expected to occur in the coming weeks.
WTC, which was acquired by Chinese conglomerate Dalian Wanda Group in 2015, operates a global portfolio of events – including the IRONMAN Triathlon Series and six of the nine International Triathlon Union World Triathlon Series races.
The Clarendons team was led by managing director Tony Symons and senior associate Brendan Sheehan, who were assisted by lawyer Zhong Wu.
“We are delighted to have been able to assist USM Events and WTC, longstanding clients of the firm, on the successful purchase of the City2Surf event and other marquee events formerly operated by Fairfax,” said Symons. “WTC has a reputation for delivering world-class events in all corners of the globe and this transaction is a game-changer for them and the sports events industry in Australia.”