SAN FRANCISCO (AP) — The organizers of the Titans of Mavericks big wave surf contest have filed for bankruptcy.
Contest organizers Cartel Management Inc. and Titans of Mavericks LLC filed for Chapter 11 bankruptcy on Tuesday.
Cartel founder Griffin Guess is expected to release further details Wednesday.
Court documents show officials with Titans of Mavericks LLC had debts of $100,001 to $500,000 and assets of $50,000 or less.
Cartel Management acquired the contest, which is held in 25-foot-plus waves at the Maverick’s break near Pillar Point in Half Moon Bay, last year.
The contest window runs from Nov. 1 through March 31. For a first time, the contest is slated to have a women’s heat.
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.
The competition, which started in 1999, draws top surfers from around the world for one day of big wave surfing with waves of up to 60 feet, according to organizers.
Surfers have 48 hours to get to Half Moon Bay when organizers decide the conditions are right. Last year, Nic Lamb of Santa Cruz was the winner.
Cartel Management, which is affiliated with Titans of Mavericks LLC, also filed for bankruptcy on Tuesday, according to court documents.
Attorney David Neal, who is representing both companies, could not immediately be reached for comment.
Cartel Management, which is based in Los Angeles, listed debts of $1,000,001 to $10 million.