Swimming-ISL says it will pay debts as suppliers threaten legal action

Livewire Ergogenics

21/11/2020 10:36

By Alan Baldwin
    Nov 21 (Reuters) - 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."     

 (Reporting by Alan Baldwin, editing by Mark Potter)
 ((alan.baldwin@thomsonreuters.com; +442075427933;))