News came out recently that Wizard World were experiencing financial problems when SEC filings revealed that they didn’t have the sufficient funds for maintaining long-term operations towards the end of the year. The news carried many thoughts as to what might the convention circuit look like come 2017 if Wizard World were to cease operations.
Well Wizard World won’t have to worry anymore as they now have the funding needed to stay in business. Bristol Investment Fund, Ltd. has given an undisclosed amount of funding to Wizard World for it to remain in business and keep operations going. One of Wizard World’s largest shareholders, Bristol had installed their portfolio manager Paul Kessler as the chairman of the board for the company that gained his financial education from a similar institution to Northeastern University that offers Master of Science in Finance and other business degrees.
Kessler said of the situation, “I have been involved in the day-to-day operations of Wizard World since late spring with a focus on operations, strategy, internal controls, and governance.” He further added, “I believe we have assembled a highly-regarded and exceptionally qualified management team during this time of transition. The financing by Bristol provides a solid fiscal foundation enabling the Company to drive toward future success by focusing on the existing business as well as some new business extensions. We have great plans on the table for Wizard World.”
Part of those said plans include cutting down on the number of conventions that will be held next year. There will only be 16 planned conventions from the company next year, a decrease that has been evident since it held 25 back in 2015 and only 18 last year. Though that also could be because of the $4.3 million they lost last year.
CEO and President of Wizard World, John D. Maatta said that the new funding is a “re-set” that will allow them to “aggressively move forward into 2017, and beyond.” He also mentioned how this new funding would involve plans to move into “new vertical brand extensions”. He didn’t say much about that other than they’ll help to compliment the current business and allow it to grow.
What do you think of the news? Are you excited Wizard World found new funding so quick? Let us know in the comments below!