ISL says it will pay debts as suppliers threaten legal action By

0
20

© . FILE PHOTO: Swimming – 18th FINA World Swimming Championships

By Alan Baldwin

() – The professional International Swimming League (ISL) has promised to honour financial obligations and improve processes as some unpaid suppliers threaten legal action.

The series, which ends its second season with finals in Budapest this weekend featuring some of the world’s top swimmers, acknowledged the commercial difficulties in a statement.

“Our head-down approach to deliver Season 2020 may have caused friction with some suppliers but we will honour all obligations, which are less than 5% of last year’s overall expenditure,” it said.

“Going forward, and before planning starts for Season Three, we will need to close all outstanding issues from the past.

“We will adjust our internal organisation and processes to improve our operational discipline to continue being a reliable partner to all our suppliers.”

London-based content agency LiveWire Sport (www.livewiresport.com) said in a statement on Friday it had instructed lawyers to begin legal proceedings against ISL over unpaid debts from 2019.

“We have been waiting over 10 months now for full payment for the services provided to ISL for Season One. This is despite ISL acknowledging the debt and saying they intend to pay the outstanding amount,” it added.

Jean-Francois Salessy, general manager of the Energy Standard team and agent for French swimmer Florent Manaudou, resigned last week with an open letter to the ISL’s wealthy Ukrainian founder Konstantin Grigorishin.

“ISL is a boat without governance but with only one shareholder and generals without powers,” he wrote in the letter sent to media.

“I no longer wish to be part of your fake movie.”

The ISL said all sports rights holders had faced significant challenges this year, with the COVID-19 pandemic disrupting schedules.

Pools had been closed and meets cancelled and the ISL had taken on “a huge additional financial commitment” in 2020 to support its athletes in the run up to next year’s Tokyo Olympics.

“We had hoped for meaningful revenues to come in but alongside the impact of the pandemic our commercial operations have also failed significantly with most projections not materialising,” it said.

“The way we approach the market will need to be different going forward.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.