2020 Cape Epic Cancelled

????????????????????Exactly!

After reading that last rider communication its seem very unlikely any compensation will be given...

Pity that not even the race bags/packs were distributed.

After reading that last rider communication its seem very unlikely any compensation will be given...

 

Pity that not even the race bags/packs were distributed.

Are the entries being rolled over to next year?

After reading that last rider communication its seem very unlikely any compensation will be given...

 

Pity that not even the race bags/packs were distributed.

Wait, what..... is there seriously going o be zero compensation? I can imagine from a business point of view it wouldn’t be viable to refund all the entries, as this would in all likelihood bankrupt the organization, but surely there must be some compensation/understanding from ABSA and other title sponsors, to help ease the blow.

If they roll over the entries, that would probably still see the event run at a loss next year, but at least it should be a manageable loss and they can make it up in 2022

The rider bags, and goodie bag was paid for by your entry. They should at least give you what's paid. Finishers t or rider goodies are out of scope but your pre race goodie bag should be yours.

The rider bags, and goodie bag was paid for by your entry. They should at least give you what's paid. Finishers t or rider goodies are out of scope but your pre race goodie bag should be yours.

They covered their backsides in the T&C .... there is no compassion in the corporate world.

Are the entries being rolled over to next year?

Not confirmed... They didn't say yay or nay. They did explain how every penny has already been spent and it would be impossible to run 2 events on 1 budget.

If the event entry is not rolled, then surely they must give the goodie bag.

Sad part is they act like they are suffering due to this . And they are not. .

Or at least my perception.

And its not only event entries its also the volunteers that pay to be there ( if that is still a thing)

Wonder if the paid volunteers still had to help cleaning up camps and if they still get a guaranteed entry for 2021.

I still wonder how this will pan out, I get that most of the money was already spent but surely there must be something available for a riders refund. Though globally Ironman must be bleeding with all the events they have had to cancel.

Service/massage packages is another difficult one, technically you bought "hours" from the vendor so they should be able to still deliver.

Sad part is they act like they are suffering due to this . And they are not. .
Or at least my perception.

And its not only event entries its also the volunteers that pay to be there ( if that is still a thing)

Wonder if the paid volunteers still had to help cleaning up camps and if they still get a guaranteed entry for 2021.

 

I still wonder how this will pan out, I get that most of the money was already spent but surely there must be something available for a riders refund. Though globally Ironman must be bleeding with all the events they have had to cancel.

 

Service/massage packages is another difficult one, technically you bought "hours" from the vendor so they should be able to still deliver.

Hours are usually sold on a use it or lose it basis. You cannot viably roll them over or accrue them.

Not confirmed... They didn't say yay or nay. They did explain how every penny has already been spent and it would be impossible to run 2 events on 1 budget.

Funny, I didn't think Epic was run by a NPO?

Because if it's not there's a profit margin built in that could be distributed as a partial refund, or more in their favour, as a discount for next year's entry..

I've been a cynical armchair epic follower long enough to think there was zero chance of a refund/deferral happening.

The only interesting thing for me is how they are going to spin the entry process for 2021. I don't think we'll see a mad rush of sold out in 100 seconds come Monday, marketing going to have to work for it this time!

Sad part is they act like they are suffering due to this . And they are not. .

Or at least my perception.

 

And its not only event entries its also the volunteers that pay to be there ( if that is still a thing)

I am not privy to the details of the epics finances, but have been involved with enough events to know that they are most likely suffering at this point. Even with the massive entry fees charged on events like the epic, the margins of events are pretty small. Without the sponsors Cheques, most big events would not be viable business ventures. Essentially the event fee you pay might just cover the actual costs of the event, and the organizers make their money from “selling” advertising space to the sponsors.

Most of the costs of making the event happen are incurred long before the start of the event, and I can pretty much assure you most of the Epic service providers also have T&c’s in their contracts that mean they will not be refunding anything to the organizers as a result of the cancellation.

To further compound matters, the sponsors cheques are normally only signed after the start of the actual event. Basically, they pledge the money up front, but only pay it if the event takes place.

So in reality, the epic is probably in serious financial trouble at the moment. That said, riders need to be given some kind of compensation, and I do hope their insurers come to the party, but as has been seen by many others already, many insurers have found reasons in their t&c not to pay out as a result of covid19 related cancelations.

Ask you local travel agent or airline if you don’t believe me......

Guy I know is struggling to get his R4000 back that he paid a bike shop for a mechanic service package during the Epic.

I know it's not a lot of money, but guys are trying to get whatever scraps they can back to soften the blow should they lose their entry.

If the event entry is not rolled, then surely they must give the goodie bag.

In SA it seems that most races are second to a goodie bag when entering.

In SA it seems that most races are second to a goodie bag when entering.

I dont for 1 second believe that at 90k a team entry, (quick math = +R50mil) just about cover the event cost!

Also im not in events at all, but dont sponsors come on board and supply many things for mahalah? 

I too dont think entries will go open for next year until this is resolved. They have said final communication will only come out in April as to the way forward.

Epic events like this surely should have Event insurance that will kick in. it would be foolhardy if they didn't take it up which I will find hard to believe given the reputation this event carries. We live in extraordinary times and extra ordinary measures should be enacted. UIF will be used to assist employers and employees in this hour of need and i feel the Epic SMT should be able to use the insurance that will or was paid out to subsidize next years team entry (75 to 80%). Its only fair seeing that, for good reason, the event was canceled on the eleventh hour.

Epic events like this surely should have Event insurance that will kick in.

Recall that the 2008 financial crises went from a trickle to catastrophe when it became clear that AIG (who insured the banks against counterparty credit default) was incapable of meeting the claims. There were just too many of them and when AIG went bust, so did everyone who had believed they were covered, and the the rest followed.

I suspect that no insurance underwriter foresaw this level of cancellation and am sure none has the resources to deal with it.

I dont for 1 second believe that at 90k a team entry, (quick math = +R50mil) just about cover the event cost!

 

Also im not in events at all, but dont sponsors come on board and supply many things for mahalah?

 

I too dont think entries will go open for next year until this is resolved. They have said final communication will only come out in April as to the way forward.

No, that is not how event financials work. Most sponsorships are financial contributions.

I dont for 1 second believe that at 90k a team entry, (quick math = +R50mil) just about cover the event cost!

 

Also im not in events at all, but dont sponsors come on board and supply many things for mahalah?

 

I too dont think entries will go open for next year until this is resolved. They have said final communication will only come out in April as to the way forward.

You will be surprised what the overheads amount to in an event like the Epic. Keep in mind that for me and you it is 8 days but for the organizers it's a all year round job. 2 months ago the 2021 route was basically finalized with with new sections to be built soon. There's literally more than a hundred service providers that recieved there money upfront. Does the Epic make money? Sure they do but a cancellation like this will hurt them.

In SA it seems that most races are second to a goodie bag when entering.

Looks John,

everyone loves an overpriced jacket t-shirt and assos cycle top. Because.......EPIC BRU!!!