DSB Bankruptcy Leaves US Speedskating With $300,000 Gap 22/10/2009 |
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US Speedskating faces a budget gap of more than $300,000 after a Dutch court declared Netherlands- based DSB Bank NV bankrupt.
The bank has sponsored the American speedskating team since 2006, the organization said in a news release. The bankruptcy leaves U.S. Speedskating short a sponsor four months before the Winter Olympics in Vancouver.
“The impact will be seriously felt and we will be seeking additional sponsor opportunities,” Brad Goskowicz, president of the sport’s non-profit governing body, said in a statement.
DSB’s contract was for $350,000 a year, with $50,000 annually designated for direct payment to athletes for performance, US Speedskating spokeswoman Peri Kinder said in an e-mail.
Sponsorship money for the sport has dropped significantly during the past two years, according to Bob Crowley, executive director of US Speedskating. The Kearns, Utah-based organization is proceeding with a competition schedule that includes the national championships and the U.S. World Cup and Olympic qualifying event that begins today in Milwaukee.
DSB, seized by the Dutch central bank following a run on its deposits, was declared bankrupt on Oct. 19 after its owner, former Dutch policeman Dirk Scheringa, failed to find a buyer. Dutch soccer champion AZ Alkmaar hosted Arsenal yesterday in the European Champions league and played without DSB’s logo on its jerseys.
“This is a great opportunity for a company to attach themselves, at very low cost, to the sport that is projected to win a record number of Olympic medals,” Crowley said.
The U.S. won 10 medals, including four golds, in short- and long-track speedskating at the 2006 Winter Olympics in Turin, Italy.
(Source: Bloomberg)
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