Last year’s Titans of Mavericks champ, Nic Lamb, likely won’t get another shot at surfing Mavs in a jersey this season. Photo: Ellis

On Tuesday, the two companies behind the most recent incarnation of the Mavericks big-wave event, Titans of Mavericks LLC and Cartel Management Inc., filed for Chapter 11 bankruptcy. According to The Los Angeles Times, claims against the two companies total more than $2.5 million, but their bankruptcy filing would allow them to continue operations while restructuring the organization.

According to a statement released by Titans of Mavericks, the filing allows them to start “a process intended to preserve value and accommodate an orderly going-concern sale of its business operations.” The statement goes on to say that the filing represents “the culmination of a strategy designed to implement a sale of the assets and intellectual property of the companies to afford a buyer certain protections available only in bankruptcy. Titans of Mavericks intends for such a sale to ensure a smooth and swift transition of the business and operations.”

“The process will allow Titans of Mavericks to reach new heights in the right hands,” said Titans of Mavericks founder, Griffin Guess. “It is time for a larger organization to gain from all of our hard work.”

If a buyer does come forward, it certainly wouldn’t be the first time that the Mavericks event has changed ownership, but the bankruptcy announcement doesn’t bode well for the future of the event. Although Guess has said that the event could still run this season, the chance seems unlikely, unless Titans of Mavericks is able to find a buyer quickly.