Rumors swirl that L.A. Marathon might be for sale

It is popular with Southern Californians, but is ignored by many top marathoners who prefer events in London, New York and Boston, and viewed with suspicion by sports agents who have had trouble collecting appearance fees from current race operator Chris Devine.

Now the marathon that founder William Burke sold to Devine four years ago for $15 million reportedly is on the block again. A national sports business publication reported last month that Chicago-based Devine Racing is in talks with a private equity firm that recently acquired four cycling, marathon and triathlon businesses and is on the prowl for more race-related companies.

David Moross, chairman of Falconhead Capital LLC, a New York investment firm, declined to comment on the reported discussions with Devine -- but did state that more deals will occur: "All I can tell you is to stay tuned."

Devine wrote in an e-mail to The Times that he was "horribly misquoted" by the Sports Business Journal, and that there is no deal to report, though he did not address whether he was in discussions with Falconhead. The publication did not respond to a request for comment.

Whether the race is for sale, the rumors suggest that the once sleepy business of running marathons -- long the province of mom-and-pop operators who scramble to stage one race per year -- might finally be poised for change.

"We absolutely think there's a need -- a crying need -- for consolidation on multiple fronts," said Moross, whose company acquired three endurance sports companies in San Diego County on Jan. 7. "There are a lot of revenue synergies and cost synergies, and, ultimately, we could give [runners] a much better product."

For runners, that could mean easier registration, better-marked courses, plenty of water stations and, for elite competitors, better paydays. For municipalities, it could bring a stronger economic boon should the new-and-improved events attract additional out-of-town runners.

Though the Los Angeles race draws as many as 25,000 runners, last year 95% were from California. In contrast, just 20% of the 23,906 athletes in last year's Boston Marathon were from Massachusetts, and 14% were from other countries. About half of the ING New York City Marathon field came from other countries.