A major hurdle apparently has been cleared in efforts to pay off dozens of local companies and organizations who have provided goods and services to the Las Vegas Marathon.
Devine Racing, the Chicago-based company that has owned the event since 2005, announced Friday that it has sold the Los Angeles Marathon — easily the company’s most significant asset — in order to take care of all its financial issues, both with the Las Vegas and Los Angeles races.
The L.A. Marathon was sold to Los Angeles media executives Russ Pillar and David Kingsdale, according to Las Vegas Marathon officials.
Devine Racing, in its effort to make good on hundreds of thousands of dollars due to vendors from the 2007 race and in some cases even 2006, gave itself a June 15 deadline to satisfy those obligations and meet the demands of Clark County Commissioner Rory Reid, among the event’s strongest proponents.
“We are preparing to meet that deadline,” company president Chris Devine said Friday. “We have a signed agreement to sell the Los Angeles Marathon. We received a sizable deposit and are committed to using those funds to clean the financial slate, and we are making Las Vegas our number one priority.
“A number of payments have already been made.”
Devine could not release exact terms of the deal but noted that between the L.A. sale and the recent sale of the Chicago Half-Marathon, the total intake was “in the double-digit millions.”
Reid, while glad to hear a resolution could be finalized soon, reserved judgment on the news.
“I was unequivocal in what we expected, and I hope they’ll deliver on what they said they would do,” Reid said. “We’ll know more next week.”
While most of payments will go to local vendors, Devine said the windfall also will be used to clean up payroll issues in its Las Vegas and Los Angeles offices, as Devine Racing employees also have been affected by the cash crunch.
Contact reporter Patrick Everson at email@example.com or 702-383-0353.