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  • Ski racers, snowboarders challenge sport’s governing body to reconsider lucrative investment chance

    Ski racers, snowboarders challenge sport’s governing body to reconsider lucrative investment chance

    DENVER (AP) — A group of high-profile ski racers and snowboarders, along with executives and board members, are challenging their sport’s governing body to reconsider a lucrative investment opportunity that could be worth more than $400 million.

    The International Ski and Snowboard Federation (FIS) was approached on Nov. 30 with a proposal from CVC Capital Partners, a company that’s invested over the years in Formula 1, soccer teams, rugby squads and women’s tennis.

    Titled “Project Snow,” CVC was potentially offering an approximately $420 million (400 million euros) investment for a 20% shareholding in the commercial rights of snow sports ranging from snowboarding to cross-country skiing to Alpine skiing.

    FIS responded days later in a letter to CVC officials that it was “very well capitalized and has no current need for further funding to help to deliver its strategic plans.”

    Prominent athletes in the sport drafted and signed a letter — a copy of which was obtained by The Associated Press — that urged FIS President Johan Eliasch to “reconsider your position on CVC’s proposal and to engage promptly in a constructive dialogue with them.”

    There were nearly 60 athletes, executives and FIS council members who attached their names to the letter. The list included Olympic Alpine skiing medalists such as Mikaela Shiffrin, Lara Gut-Behrami, Marco Odermatt, Aleksander Aamodt Kilde and Sofia Goggia, along with Olympic freeski slopestyle champion Alex Hall and snowboarder Maddie Mastro. Also on the list was US Ski & Snowboard CEO Sophie Goldschmidt along with council members from Canada, Germany, Norway, Spain, Switzerland and Austria, to highlight a few.

    “We disagree that many of the tasks outlined in the CVC proposal have been completed as part of the FIS global strategy,” read the athletes/executives letter, which was sent last Friday. “While there have been improvements in the digital area, there has been a notable lack of progress in most commercial, marketing and product development areas that are critical to grow our sports. This includes growing prize money and other improvements for athletes, which we know is becoming more of an issue for them, especially for certain disciplines.”

    FIS is looking to make Infront Sports & Media its media rights partner. The organization hopes to centralize its international media and broadcast rights.

    On Tuesday, FIS addressed the situation in a statement, saying, “The letter, which has since been circulated in the media, suggested that FIS dismissed a compelling offer from CVC for the media rights of ski and snowboard competitions without proper consideration due to the centralization process of international broadcast and media rights with Infront. This claim is false.”

    It clarified that, “CVC’s proposal was unrelated to the centralization of media and broadcast rights. It was an investment proposal for the creation of a joint venture to manage all commercial rights associated with FIS and its member federations.”

    FIS said Eliasch met with CVC representatives. Eliasch is among the candidates campaigning to take over for Thomas Bach as the next president of the International Olympic Committee.

    “If raising capital becomes necessary, FIS would engage a financial advisor to conduct a transparent process, ensuring the best possible terms,” FIS added. “Currently, FIS is well-capitalized and does not require additional funding to execute its strategic plan.”

    CVC has more than 25 years of experience investing funds in sports, media and entertainment projects. Its portfolio of former and current investments counts Formula 1, MotoGP, the French Football League, rugby, volleyball, cricket and the World Tennis Association.

    The athletes and executives who signed their names to the letter addressed to Eliasch want to see more conversations take place. They want more transparency in negotiations.

    “We would request that there is a pause in fully finalizing the Infront agreement until there is a proper discussion with CVC (and others as appropriate),” the letter read. “We would then expect that the options, plus pros and cons of each are then thoroughly discussed with the Council before a final decision on how best to move forward is made.

    “To reiterate, we generally are all for centralization, but understandably want to ensure that the agreement we potentially enter into is the best one strategically and financially for all stakeholders.”

    ___

    AP skiing: https://apnews.com/hub/alpine-skiing



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  • African football’s governing body found to have $16m in expenses missing from accounts | Soccer

    The Confederation of African Football’s audit and compliance committee has claimed that more than $16m of “unrecognised expenses” were not included in official accounts, meaning it should have posted losses of more than $25m.

    A letter sent to members of Caf’s executive committee last Saturday and seen by the Guardian alleges that its review of a report compiled by the external auditors EY had revealed the apparent discrepancy in the accounts for the year ending 30 June 2023.

    That includes almost $12m for “technical costs not allocated to clubs, federations and host countries”, with the remainder corresponding to “unrecorded expenses that should be accrued and recorded” and “unrecognised provision for debt balances” and “other debit balances”.

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    The audit and compliance committee has calculated that the $16.18m unaccounted for would take Caf’s deficit for the year to $25.43m after losses of $9.25m were revealed earlier this year. In July, Caf’s general secretary, Véron Mosengo-Omba, had cited the lower figure as evidence that it was reducing its debt. Mosengo-Omba inherited a deficit of about £30m in March 2021. “For the next fiscal year, it will be zero,” he said.

    Neither Caf nor Mosengo-Omba responded to requests from the Guardian for comment.

    Separately, an investigation into Mosengo-Omba and his office is ongoing after Caf’s head of governance, risk and compliance (GRC) accused them of “impeding” members of her department from performing their duties and, among other claims, of breaching internal governance and auditing regulations.

    Last month, the audit and compliance committee claimed there had been “unauthorised interference” from Mosengo-Omba because the external auditor had been appointed by him.

    He responded to those claims in a letter last week and said Caf’s statutes had not required him to seek their consent “before engaging a consultant”. Mosengo-Omba also dismissed concerns that the external auditor’s report “was prepared in such a way as to contradict all the allegations contained in the confidential report” by the GRC because he said the investigation remained ongoing. “To this end, it was deemed inappropriate to comment or discuss with her the matters under investigation, as this could have been taken as interference in the official proceedings,” he wrote.

    In response, the audit and compliance committee said it would have been “even more inappropriate for the secretariat to present the documents under investigation to the external consultant for inclusion in her report submitted to our committee for validation. The Committee maintains its position expressed in the report of 11 September 2024 and remains of the opinion that this is an attempt to use it to pass documents and procedures that are the subject of the ongoing investigation.”

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    A letter from Mosengo-Omba – who has also denied allegations of dishonest management, fraud and forgery of documents in Switzerland – that was sent to national associations last week confirmed that Caf will extend the 70-year age limit by five years for prospective executive committee members at its general assembly next week.

    It also gave prospective candidates until 12 November to register their intention to stand in next year’s presidential elections. The incumbent, Patrice Motsepe, is expected to face competition from the 71-year-old Egyptian and Fifa council member Hany Abo Rida, among others. The vote is likely to take place in March.

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  • Raygun, viral Australian Olympic breakdancer, ranked No. 1 in the world by sport’s governing body

    Raygun, viral Australian Olympic breakdancer, ranked No. 1 in the world by sport’s governing body

    Australian Olympic breakdancer Rachael Gunn, who went viral during the Paris Games, was ranked number one in the world by the sport’s governing body.

    The World DanceSport Federation released its world ranking list, saying in a statement Tuesday that Gunn secured the top spot after she came in first place at the 2023 Oceania Continental Championships.

    The ranking puzzled many people, some of whom took to social media to point out that the 37-year-old B-girl, who performs as Raygun, did not receive a single point from the Olympic judges.

    “Raygun ranked world number one after Paris Olympics controversy — how funny is this? World no 1???!!!,” one person wrote on X.

    The federation clarified that the ranking is “updated based on each athlete’s top four performances within the past 12 months” and that the points earned in the competitions are valid for 52 weeks from the performance date.

    The Paris Games as well as the Olympic qualifier events in Shanghai, China, and Budapest, Hungary, did not contribute to the ranking.

    “In alignment with the Olympic Qualification System, ranking events were intentionally not held between 31 December 2023 and the Olympic Games Paris 2024. This strategic scheduling allowed athletes to focus solely on the last part of their Olympic qualification without the added pressure of additional ranking events,” the federation said.

    “Consequently, by the end of the Olympic Games, many of the competition results included in the ranking had expired, leading to the current situation where many athletes have only one competition result contributing to their ranking,” the statement read.

    The ranking will change after the points expire and after the World DanceSport Federation’s Breaking for Gold World Series in October.

    “The WDSF remains steadfast in its commitment to transparency and fairness in the competitive ranking process,” the federation said. “We trust that this explanation resolves any concerns regarding the methodology behind the current standings.”

    Gunn defended her Olympic performance in a recent interview with the Australian current affairs show “The Project,” saying that she wanted to “bring out some Australian moves and themes.”

    “I love our Olympic mascot BK, the boxing kangaroo, and I wanted to show that,” she explained. “That’s the wonderful thing about breaking, you can take inspiration from any source. I had to go with what I was good at, I had to go with my strengths.”

    In an Instagram post last month, Gunn said the hate she’s received over her performance was “devastating” and that she worked hard to prepare for the Olympics.

    The breakdancer told “The Project” that she had to take a social media break following the backlash and she received mental health support.

    “It’s been a pretty wild ride. I’m not gonna lie,” she said. “I definitely have my ups and downs, my good and bad days but it has been honestly so amazing to see the positive response to my performance. I never thought that I would be able to connect with so many people in such a positive way so that has just been so amazing. But, yeah, it definitely has been tough at times.”

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