Many of you will be aware that Maui Sails underwent a huge re-structuring in January/February. I was going to do some commentary at the time but figured that you would see all the details on the Maui Sails site so I didn't bother.
For those of you who may not follow these things, here is the short version of what happened:
- The Chinese sail loft suddenly changed their conditions from a monthly payment schedule, to a quarterly schedule meaning that they required an up-front payment for an entire quarter's sail production. This placed an intolerable strain on the company's cash flow. Salaries could not be paid and the sponsored sailors left.
- Personal differences reached boiling point as often happens in times of financial stress and Barry and Artur pulled out. Phil, having earlier bought out Rick Whidden (ending up with a majority share) now purchased Barry's share in the business as well.
- All this leaves the company and its products as it was but now fully in the hands of Phil. I say "as it was" but this is not strictly true. It now lacks sponsored sailors and is without a sail designer. Shaky ground I would have thought but you have to admire the courage, dedication and tenacity of the man. Impressive!
I always look forward to seeing something new in our sport so I hope that we see something innovative. Light, fast, strong and clever - that's what we need!