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Co-founders’ financial demands threaten to derail Spartan’s Tough Mudder takeover

The co-founders of Tough Mudder, Will Dean and Guy Livingstone, have been accused of a playing a ‘game of brinkmanship’ with the company’s largest lender Active Networks, which threatens to push the firm into bankruptcy and derail its sale to rival mass-participation business Spartan.

Dean and Livingstone have been accused of ignoring the best interests of creditors in demanding what SportBusiness understands is a combined $44m (€39.6m) from Active Networks to sanction the sale of the indebted company – some distance from the sum allocated to them in Spartan’s offer. They had asked for $40m but the figure increased to $44m when Active missed a deadline to meet their demands.

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