With investors pressing for profits, the PTO pivots to events

Good morning everyone,

Thanks to everyone who voted on the previous edition’s survey that tried to determine when a niggle turns into a full-blown injury. The majority said it remains an injury until you can’t train. Which sounds pretty good to me!

• Full results and always-appreciated audience insights are further along in today’s newsletter.

In today’s edition:

• 💰 With investors pressing for profits, the PTO pivots to events.

• 🏋️‍♂️ Strength training will make you better, here’s how to do it.

• 🏊 And swim drill to help you crush your catch!

Thanks for being here.

-Matt Sharpe, newsletter editor

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ONE BIG THING

With Investors Pressing for Profits, the PTO Pivots to Events

What is it: In a wide-ranging interview with Sports Pro Media, Professional Triathletes Organization CEO Sam Renouf details how the PTO’s new business strategy will eventually turn a profit, and calm its anxious investors.

Three-pronged approach: Renouf describes the new PTO business model, led by its flagship T100 Triathlon World Tour, as having a unique three-pronged revenue approach which includes:

• Sponsorship,

• Government hosting fees,

• And mass participation receipts (amateur races).

According to Renouf, this approach will take the pressure off of securing high-value but unpredictable media deals and allow the organization to be “media rights agnostic.”

Pivot to events: After starting with the inaugural Collins Cup event and a small number of triathlon “Opens,” Renouf and the PTO were unable to secure the lucrative media rights they initially believed to be obtainable.

• This led to a pivot to events that precipitated the creation of the flagship T100 Triathlon World Tour.

• The T100 Tour created opportunities to host revenue-generating mass participation events. Five of the seven events in this year’s tour included PTO-owned age group races.

The upcoming T100 Grand Final in Dubai will also be the first to feature the “multisport festival” model. This will include triathlon alongside other mass participation endurance events including open water swims, running races, and untraditional endurance events like the music run. 

Hospitable hosts: Another pillar of the PTO’s push for profitability includes hosting fees paid by government entities worth upwards of seven figures. According to Renouf, bringing thousands of high-value triathletes to a city and having them compete on a course that requires little infrastructure investment is an easy pitch.

• The difficult part, he says, is finding a suitable venue that can handle long road closures and other unique hosting requirements.

Sponsorship search: Although Renouf admits that the PTO is currently soliciting partners for its series C funding round, he believes now is the time to search for non-triathlon industry sponsors to bolster its revenue.

• The PTO has now hired an outside agency to leverage its unique data, and high-value audience to acquire “blue chip” sponsors for the 2025 season and beyond.

Investor payback: The interview also quoted the CEO of Divergent Investments - a PTO investor - who praised the organization for its discipline and unique three-pronged approach which can create a stable income that doesn’t rely on “random” and unpredictable sources.

• According to Divergent, they expect to start receiving returns from the PTO by 2027 at the earliest, and 2029 at the latest.

Tempo’s take: At a time when live sports are commanding an incredible premium in the media rights market, it seems strange that Renouf and the PTO would be moving as quickly away from them as they are.

• Especially, when only two years ago, Renouf was saying, “the whole point of the PTO model is to create a television product.”

Actions speak louder than words, and it’s clear that Renouf is signaling what many industry leaders have been saying for years. There’s no money in media rights for triathlon. If IRONMAN pays NBC to broadcast highlights from Kona, then getting large broadcasters to invest in an unproven triathlon series is dead on arrival.

The PTO’s pivot to profitability also mirrors what is happening in the broader investment ecosystem. As companies gorged on venture capital money in a low interest-rate environment they were incentivized to gain users and viewers, not profits. Now with higher rates, investors are desperate for a return on their capital, and portfolio companies (like the PTO) are thrashing about looking for any source of revenue.

• I’m old enough to remember when Renouf said the PTO weren’t interested in hosting events. Now it’s looking like events are the only option.

Few know what kind of financial runway the PTO has before its investors pack it in. There were even rumblings of a potential 2025 collapse. But based on the interview it appears it has a few more years before it needs to be in the black.

If the PTO can execute on its vision to make the T100 the “F1 of endurance” it will have a shot at becoming a profitable entity, and even a potential challenger to IRONMAN. And with exciting new 2025 stops in Vancouver and the French Riviera, there is plenty of momentum organization’s side.

• So instead of needing Warner Bros, Sky Sports, and HBO, now, the PTO needs you…

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FAVORITES

🏋️‍♂️ A stronger you: The benefits of strength training for triathletes are well-documented as an increase in strength will make you less likely to experience injury when training, and more resilient throughout race day. But what should gym work look like for triathletes? And how often should you do it? Find out here. 

🏊 Puppy paddle power: Looking for a swim drill to improve your catch? Try the long dog paddle as shown in this video. A couple tips; keep your head position as you normally would while swimming, and using fins or a pul buoy is a great way to hone in on the catch and not fatigue too quickly! [Swim Clan Australia]

👮 Kona criminal: Did an age group athlete tamper with his competition’s bikes at the IRONMAN World Championships? It’s a dastardly deed that could have resulted in multiple injuries or worse! All the juicy details are here. [GTN]

🏆 Nail the 70.3 World Championships: Are you racing at the upcoming IRONMAN 70.3 World Championships in Taupo and want to nail every detail before the big day? Then check out the Conquer the Course podcast to learn every aspect of the course, and so much more! [Conquer the Course]

REEL TIME

The hero we deserve, and need during a tough swim! 🫡😆

knuta99

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QUICK NEWS

Endurance exchange: The endurance exchange, a popular networking conference for the triathlon industry will be scaled back in 2025, before a larger presence in 2026! [Endurance Biz]

Bicycle recall: Attention Canyon Speedmax owners! The popular triathlon bicycle is currently under a recall. [TRI 247]

Khemer champions: Congrats to the Cambodian Defense Ministry Triathlon Team for topping the table at the recent National Games! [Khemer Times]

Media opportunity: Looking to enter the triathlon media world? Triathlon Magazine Canada is on the hunt for a new editor! [Triathlon Magazine Canada]

YOU SAID

Here’s what Tempo readers thought was the time threshold for when a niggle becomes an injury!

RACE WEEKEND

IRONMAN 70.3 Melbourne

In the men’s race two Olympians - Jake Birtwhistle (AUS) and Jamie Riddle (RSA) - could steal the show. But 70.3 stalwarts like Martin Ulloa (CHI), Nic Free (AUS), and Caleb Noble (AUS) will be hoping to use their veteran experience to take the day.

• The women’s race should be an all-Aussie battle between Penny Slater (AUS), Ellie Salthouse (AUS), and Olympian Natalie Van Coeverdon (AUS).

World Triathlon World Cup - Brasilia, Brazil

Miguel Hidalgo (BRA) will be looking to be the hometown hero, while Rosa Maria Tapia Vidal (MEX) is the favorite in the women’s race.

Challenge Xiamen

Certain athletes will be in Xiamen hoping to maintain their lead in the Challenge World Bonus standings. Jack Moody (NZ) should have no issue taking the men’s race. And current women’s leaders Alanis Siffert (SUI) will have stiff competition from Els Visser (NED).

NCAA Triathlon National Championships

This year’s NCAA Championship is being hosted in Clermont, Florida, and will look a little different as hurricane damage has forced a change to the course.

• The athletes will compete in a time trial 750m pool swim on Friday. And on Saturday they will start the race based on their previous day’s swim.

Race favorites include last year’s Champion Maira Carreau (Denver), Beth Cook (Queens University), and Naomi Ruff (Arizona State University)

World Triathlon World Cup - Miyazaki, Japan

Gwen Jorgensen (USA) is the top-ranked athlete in the women’s race, while Kenji Nener (JPN) will hope to be the home country hero in Miyazaki.

TEMPO EXCLUSIVE ARCHIVE

• How to nail your Ironman training nutrition. 

• Why this performance coach wants you to celebrate the small wins.

• A tempo subscriber’s harrowing account of the IRONMAN Ireland tragedy.

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