Titans of Mavericks surf competition organizers file for bankruptcy

HALF MOON BAY, Calif. (KTVU) - The Titans of Mavericks Surf Competition is facing some rough waters after organizers of the event filed for bankruptcy this week. 

The two organizers of the competition are facing serious financial problems and residents in the sleepy coastal town near Half Moon Bay where Mavericks usually happens say they are distraught over the news.

The best surfers from around world have been coming to Pillar Point every year since 1999 to take part in this event. The competitors are called when conditions are ideal with swells of at least 25 feet. 

Those conditions can occur any time between now and the end of March. 

On Tuesday, however, the Titans of Mavericks company and Cartel Management both filed for bankruptcy in federal court. According to a report in the Santa Cruz Sentinel, those same two companies are being sued by Red Bull Media House for breach of contract.

Competitors say they were given between 48-72 hours notice, which is not much warning for fans of the surf contest, which attracts big wave surfers from around the world.

"It's addicting," said Colin Dwyer, of Pacifica. He has competed in Mavericks for the past five years and describes the feeling of riding 25-60 foot waves off Pillar Point Harbor as "a roller coaster but you're not strapped in."