WRC rights holder goes into administration

Tue, 29 Nov 18:11:00 2011

The World Rally Championship's commercial rights holder, Convers Sports Initiatives, has gone into administration.

Jari-Matti Latvala of Finland in his Ford drives through a stage at sunrise on the Wales Rally motorsport rallying event near Brecon in south Wales - 0

The World Rally Championship's commercial rights holder, Convers Sports Initiatives, has gone into administration.

One of CSI's major backers, Vladimir Antonov, was arrested in London last Friday and questioned in connection with an investigation into the asset-stripping of Bankas Snoras, a bank that he was a 68 per cent shareholder in.

Antonov, who was later bailed, denies any wrongdoing.

CSI insisted earlier this month that its business was unaffected by the situation at Snoras. However, a statement issued by Hacker Young Administrator Peter Kubik on Tuesday confirmed that the situation has now changed.

"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)," Kubik's statement read.

"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."

AutoSport

Comment 1 - 7 of 7

Sort comments by: Most recent | Most rated
  1. Agree with all the comments - i used to love my Dave­ WRC fix - but would never pay ESPN for the privilidge,­
    Bring back manual Gearbox - no Turbo - Remeber the­ clutch..... heal and toe,
    all the real skill have been­ lost,
    proper rallies - yes i remember doing 1000 mile­ in winter following the good old RAC - Kielder, Dalby,­ Escadavid and even Sutton Park
    i suppose we can dream­ of the good old days
    RS1800 - oh bliss... only had a­ mk2 Mex but best fun car i ever had.
    i think the­ organisers have lost the plot a bit - lots of TV means­ sponsers, Sponser mean income, income promotes the­ sport, people watch and spend money with promoters and­ sponser - simple.....

    From Graham, on Fri 16 Dec 17:17
  2. St - You can see by the amount of "likes" on­ RS 1800 comment that he is not the only one.
    Its the­ technology that is destroying rallying. Remove­ technology from the cars and spend the saved money on­ longer events. This way your fan base will grow with­ covering a bigger area for spectators, the WRC will­ become more popular and more people/companies/sponsors­ will want to invest in the sport. The IRC is a good­ example of this but it needs to be more....

    From keithannlincoln, on Fri 2 Dec 19:11
  3. Build yourself a time machine RS1800 and stop moaning­ all the time.

    From St, on Fri 2 Dec 4:07
  4. # 1,2,,3, i agree with you all, the days of a good­ clubman being able to mix it with the works has long­ gone along with any feeling of fun,
    the cars are over­ complex and the rallys? are now three stages in the­ morning and a reverse in the afternoon,
    i remember­ standing on esgar Daffid at three in the morning on­ 1980 RAC THAT WAS RALLYING.

    From RS1800, on Wed 30 Nov 20:41
  5. The whole WRC thing has been on the slide for years in­ my opinion. Too few manufacturers, too few winners­ (i.e. one guy dominates) and the cars might be­ brilliantly efficient at covering ground from A to B,­ but they are boring to watch and expensive to­ build/run.

    Honestly, I'd rather go and watch a­ bunch of Mk2s at a club rally.

    Bring back a cheaper­ formula where only a few cars need be homiligated - or­ where even a private team or individual could build a­ competitive car from kit part (you can a grp 4 escort­ at home). Even Group B could return as safety and­ materials have moved on. They could be massively­ strong, safe and brilliant to watch.

    From AJ, on Wed 30 Nov 19:30
  6. Does this mean that after such a long period in some­ sort of wierd communication vacuum, we can pray for a­ WRC prepared to communicate its brilliant product (as­ seen recently on the Great Orme by people who live­ here!) to a wider world who are really not prepared to­ pay ESPN ( or anyone else for that matter ) for such an­ expensive privelege.....F1 please take note

    From davecrawley14, on Wed 30 Nov 7:42
  7. Fuc$ off Bernie, don't get any idea's !

    From stuart, on Wed 30 Nov 3:34
Sort comments by: Most recent | Most rated

Not already a Yahoo! user ? to get a free Yahoo! Account