The Ironman company is part of a private group and the sparse financial details published over the years and the use of franchise agreements, debt and intercompany deals make it hard to identify how profitable it all is. There has been hope value along the way and a big value put on the potential of the franchise.
Some key insights were given by an IPO organised by Chinese owners in 2019. The Ironman boss said at the time the new cash would help them to continue “to provide exceptional, life-changing race experiences to athletes of all levels, from their first step to the finish line”. The prospectus for potential investors said the company’s goal was “to unite people in sports and enable athletes and fans to live their passions and dreams”.
In the small print, however, was a more sobering paragraph. It read: “Accidents or other situations involving serious harm or even death to one or more athletes or spectators could lead to negative publicity about us or our events. The increasing popularity of mass participation sports events also means an increasing number of inexperienced participants who may be more prone to injury or heart attacks, which can be fatal.
It is an unusual model, however. The relationships with local authorities and national bodies like Triathlon Ireland are vital. You can’t run a triathlon if the roads aren’t closed and local volunteers and the police aren’t on board. The national body is needed to sanction it, which may also have insurance implications. These kind of arrangements work when it is a “win-win” – the estimates are that the boost to Youghal of up to 12,000 visitors was worth some €8 million.