Running Partners: Supertri Opens the Door to External Team Owners πββοΈ
In 2021, Supertri became a centrally-owned team event. Now, on the back of strong demand, the league is looking to sell individual licenses to owners who can help them take it up another level.
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The introduction of team dynamics to traditionally individual sports is becoming increasingly familiar (See: LIV Golf, TGL) and for good reason.
Supertri (formerly Super League Triathlon) made their switch to a team format in 2021, led by CEO and Co-Founder, Michael Dhulst.
By adopting a team-centric approach, inspired by the likes of cycling and Formula One, Supertri has not only increased its prize pool, but also injected a fresh wave of excitement for fans and bolstered commitment among its athletes.
Speaking on the Sports Pundit Podcast, Dhulst argued that since making the transition, Supertri has even become more of a team sport than F1, where the drivers donβt necessarily work together and results of the teams are still largely weighted on individual success.
βWe have a point system [which encourages teamwork]β Dhulst explained. βThere are different games to be played; whether you go for the win or [not,] you can contribute to the team, and we've really seen that over the last three seasons.β
βThere's [also] an element of de-risking your value proposition, right? Because you can say, look, I acquired the best athlete in the world for my team but if they get injured or something happens, you're not fully dependent on [them]. You still have a team narrative that you can continue to tell.β
Fans, especially those new to triathlon, also find this team format easier to connect with before diving into the complexities of individual athletes and tactics.
This is especially true when teams are tied to nations or regions. Look at Premier League Lacrosse (PLL) for further evidence of this.
βWider fans who are not necessarily familiar with triathlon and therefore triathletes [can] look at teams and say, βHey, this is a British team. I can associate with that.β or βThat's an American team. I can associate with that.ββ
β[Once] you get familiar with the British team, you get familiar with Jonny Brownlee, and you get into the tactics of it.β
The team concept also benefits the athletes, serving as a platform for them to gain immediate recognition and credibility through association. Being tied to a renowned team accelerates their individual branding as an athlete.
This will arguably be best demonstrated at the upcoming launch of the TGL, where golfers who end up on Tiger Woodsβ team will almost immediately be able to trade of that cachet.
Unlike the TGL, which has immediately sought to bring in high-calibre team owners for each of their teams (or βfranchisesβ), Supertriβs teams have so far remained centrally controlled (like with the ECB-run The Hundred).
However, that is about to change.
βWe had every team sponsored in year two and in year three, and now [that] we have seen that [demand is there,] we're transitioning from saying rather than just having teams sponsored, let's sell individual licenses.β
This shift not only affirms the team concept's viability but also offers an opportunity for Supertri to now accelerate its growth alongside meaningful partners who have skin in the game.
Meaningful partners who are, crucially, bringing with them a wealth of experience from outside the Supertri organisation.
As Dhulst explained, βif we can bring teams into into triathlon and then create a dynamic where those teams all invest in their own identities, that is obviously an ecosystem [that] is very, very interesting.β
As well as the usual suspects (Think: high net worth individuals, sovereign wealth funds, and private equity), initial conversations around team ownership are attracting an array of interesting parties, from ex-athletes with a deep understanding and love for the sport, to brands eager for direct engagement and visibility.
While operational challenges may deter some brands from transitioning from sponsors to owners, the model offers enticing potential for those willing to navigate the complexities, as witnessed now by the brand-owned teams within F1 β which are worth at least Β£1 billion each, according to McLaren Racing team principal, Zak Brown.
While not (yet) close to that ballpark in terms of valuations, Supertri is aiming to tick several of the same boxes.
It has identified the need for compelling narratives, is prioritising expansion into the U.S., and, perhaps most importantly, understands the importance of scarcityβan element that holds back the valuations of many top sporting assets in Europe, where relegation and promotion exist.
Like its peer, the Professional Triathletes Organisation (PTO), Supertri is also not at the whim of media rights valuations.
Uniquely positioning itself as the βTwenty20 of triathlon,β Supertri instead focuses on generating its revenue from areas such as sponsorship, host venue fees, licensing, mass-participation events, ticketing, and hospitality.
Now, on the back of a rebrand, just months out from the Olympics, and with increasing interest in the sport of triathlon more broadly, it feels an opportune moment to get onboard.
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THE PODCAST
Want to hear more from my conversation with Michael?
We discuss his initial interest in Triathlon, identifying a gap in the market, coming up with the idea for Supertri, unlocking new venue opportunities, generating revenues without the big media cheque, hosting the eSports World Championships for Triathlon, and much much more.
Listen to the full podcast via the link below - and Iβd love to hear what you think!π
The Sports Pundit Social Club (SPSC) was designed to enable you to hang out with other readers (i.e. exceptional folk from across the industry) without the heavy cost that often goes with traditional sports industry events.
This month, weβve got events in London, New York, and Manchester π
JOB BOARD
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The Big Idea is brought to you by the Global Institute of Sport!
The Global Institute of Sport is the leading destination for Master's degrees, executive education and professional qualifications in sport around the world.
They count world-famous stadiums and surrounding venues among their state-of-the-art campus facilities across the globe, including London's Wembley Stadium, Miami's DRV PNK Stadium and Melbourne Cricket Ground.
Ready to master the global sports industry? Enquire today about their in-person and online courses.