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Headstring News
More of the Same: Skimpy IPT Announcement a Week Late, Two Seasons Short
Apr 24, 2007, 12:48 PM
The latest announcement from the International Pool Tour on the future of the troubled enterprise fell far short of expectations — even by the weak standards of the crippled tour — by failing to provide any new information on events for 2007 and 2008.
Instead, tour members received a reiteration of previous promises — for example, that they will eventually receive the rest of the delinquent prize funds from the World Open 8-Ball Championships, that those who entered qualifiers for the 2007 season will be reimbursed if the season isn’t mounted as originally planned, and that solid information on future events would be forthcoming.
“The IPT is not over,” wrote IPT founder Kevin Trudeau in the e-mail correspondence to players, delivered April 23. “The dream of building a professional major billiards tour is alive and well.”
(The full text is included below this news item.)
Notifying players that the tour still exists is a far cry from the concrete scheduling information they have been promised for months.
In a letter to players dated Jan. 25, Trudeau promised an announcement on April 15 “outlining the 2007 and 2008 seasons.” (The date for such an announcement already had been pushed back from March 1, as originally promised in December.) The delivery of Trudeau’s April 15 announcement was delayed until Monday, April 23, because Trudeau “was traveling and wasn’t able to get the message to me,” according to IPT tournament director Deno Andrews.
In the April 23 e-mail, Trudeau put off providing plans for future events even further. “We should know the status of the 2007 tour within the next several months,” he wrote.
Trudeau emphasized that the tour was in the process of seeking corporate sponsors for the tour’s 2007 and 2008 seasons. A possible merger or sale of the tour, and the possibility of taking the tour public, also were mentioned again, but without any specific details.
To date, players have received 44 percent of their promised winnings from the World Open, held in September. In the April 23 e-mail, Trudeau promised further installments “each month or every other month, as cash flow allows.”
The following is the full text of the April 23 e-mail:
Dear IPT Players & Supporters,
Here are some updates regarding the IPT. The IPT is not over. The dream of building a professional major billiards tour is alive and well. The setbacks and struggles we have faced have been very real and quite large. Slowly and steadily the executive management team of the IPT has been diligently working on overcoming these challenges, revamping the IPT business model, and reorganizing the IPT to move forward. We are all frustrated by the lack of speed in this turnaround. However, please be encouraged with the knowledge that a reorganized, and re-energized IPT will launch soon. In the words of Napolean Hill "In all adversity there are the seeds of an equal and greater opportunity." My personal desire to see the IPT as the major world-wide tour in pool is stronger now than ever before. Specifically, the major updates are as follows:
• All players from the World Open will continue to be paid each month or every other month as cash flow allows. You will all be paid in full before the next IPT tournament.
• All players who paid a qualifying entry fee will be refunded in full their entry fee if the 2007 Tour does not happen in full as we originally planned. If the tournament schedule is cut short or modified, which is very likely to be the case, we will refund you in full.
Your patience regarding this is appreciated. We will make this up to you in the future. We should know the status of the 2007 Tour within the next several months. Your support and patience is appreciated. Your frustration and disappointment is acknowledged. Nobody is more financially committed to this venture than me. Nobody has more money at stake than I do.
Currently we are making headway on several promising business fronts. Major companies are seriously evaluating sponsorship of the IPT for the 2007 and 2008 seasons. A merger or acquisition of the IPT by a large business is being evaluated. Concurrently taking the IPT public is also an option being worked on and discussed.
I clearly see in my mind the day when I will stand before you all in a players meeting as we begin our next tournament and proudly say that the IPT is back and here to stay!
Very truly yours,
Kevin Trudeau
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