Oberhofen, Switzerland — Should FIS take the money and run? That’s a debate that’s currently brewing in the ski industry.
Last week, a letter circulated around the internet which stated that the International Ski & Snowboard Federation (FIS) turned down a €400 million ($417.54 million) offer from the CVC Capital Partners that would alter the media landscape of skiing and snowboarding. CVC is a private equity and investment firm. CVC’s investments include La Liga, the Women’s Tennis Association (WTA), and Formula 1. The offer reportedly included plans to create a centralized media structure, grow athletes’ name and likeness, and grow the prize pool for events.
However, FIS claimed that this letter wasn’t accurate. FIS stated that rather than rejecting the offer, they told CVC that its offer lacked various details that would be needed to accept it. This included “valuation, strategic plans, and governance frameworks.” FIS also stated that they’re well funded, but wouldn’t mind getting more financial support. Contrary to reports, FIS stated that it wasn’t related to centralizing the media rights (they continue to work with Infront on this), and that this the offer didn’t increase prize money.
This led to various FIS athletes, including Mikaela Shiffrin and Marco Odermatt, to pen a letter to FIS to pause their relationship with Infront (their current partner) and pursue this deal with CVC or other potential partners. Not much has come out on the CVC and FIS deal this week, so we’ll have to see whether FIS and CVC can figure out a partnership.
Image/Video Credits: FIS
