There’s little surprise when snowboarders and skiers push back against the International Ski and Snowboard Federation.
The governing body has long been accused of being archaic, and has gotten a decent amount of hate from fans of the competitive iterations of the sport. (I’ve never seen a bumper sticker that says ‘f*ck the NBA).
A group of high-profile snowboarders and skiers, including Olympian Maddie Mastro, are leading the charge to challenge the organization with an investment opportunity. U.S. Ski and Snowboard CEO Sophie Goldschmidt also signed the letter.
CVC Capital Partners has invested in soccer, rugby, women’s tennis, and Formula 1 racing over the years. Now, through “Project Snow,” the group will offer a $420 million investment for a 20% stake in the commercial rights of snowboarding, cross-country skiing, and alpine skiing.
The FIS said “thanks, but no thanks,” according to the Associated Press.
“FIS responded days later in a letter to CVC officials that it was "very well capitalized and has no current need for further funding to help to deliver its strategic plans," the AP’s Pat Graham wrote.
A letter was written to FIS President Johan Eliasch with a demand for him to "reconsider [his] position on CVC's proposal and to engage promptly in a constructive dialogue with them." The letter was signed by nearly 60 athletes, including Maddie Mastro, legendary ski racer Mikaela Shiffrin, and Olympic freeski slopestyle champion Alex Hall.
To little surprise, the letter highlighted FIS’ lackluster ability to broadcast events live as a sticking point. It also called for growing prize money and called out a “notable lack of progress.”
FIS says it is trying to make Infront Sports and Media its media rights partner. The brand has media broadcast rights to Turkish professional basketball, the IIHF Ice Hockey World Championships, several FIS events, and the Freeride World Tour.
Photo: FABRICE COFFRINI/AFP via Getty Images
Professional contest snowboarding has always lacked a consistent, uniform way to view contests live. It’s an issue that riders all across the world have lamented, and part of the inspiration for both Shaun White’s The Snow League and the X Games League, which is being created in partnership with Australian rider Scotty James.
In a prepared statement, FIS said that the CVC outline lacked “essential details including valuation, strategic plans, and governance framework. It also didn’t include an increase in prize money.”
“FIS did not reject CVC’s proposal,” the statement says. “If raising capital becomes necessary, FIS would engage a financial advisor to conduct a transparent process, ensuring the best possible terms. Currently, FIS is well-capitalized and does not require additional funding to execute its strategic plan. However, FIS will continue to review its investment plans to determine if further financing could improve or innovate its offerings.”
Related: Tickets for First Event of Shaun White's Snow League On Sale This Week