Originally Posted by makinen_fan
just read this in facebook
Vladimir Antonov's Convers Sports Initiatives, the owners of North One Sport, the commercial promoters of the World Rally Championship, has gone into administration.
The fact has only just become public: the move came on Friday.
A statement from the Joint Administators reads:
“On the 25th of November 2011 my partner at UHY Hacker Young Andrew Andronikou and I were appointed as Joint Administrators to Convers Sports Initiative plc (CSI).”
“CSI own a number of sports teams, media franchises and entertainment rights businesses.”
“We were appointed as Administrators after uncertainty arose over the future of CSI. CSI has a number of sports related assets and we are very confident of finding interested buyers for these subsidiaries. Our aim is to ensure that the sale process is as smooth as it possibly can be.”
“We will now be undertaking a period of due diligence at CSI and once that has been completed we will be in a better position to answer questions.”
Antonov has resigned.
A statement on the webpage of CSI adds:
"The business and assets of the Company are now managed by the Administrators."
"Please note that the Administrators are agents of the Company and act without personal liability."
"The subsidiaries of Convers Sports Initiatives plc are not subject to an Administration Order."
These are Very bad news for the sport. Hopefully this will be resolved soon, although with such difficult economic climate I doubt someone will buy CSI to continue their work.
