FIS Urged to Re-Consider Lucrative Investment Offer
12th December 2024
Last modified on December 15th, 2024
The International Ski & Snowboard Federation, FIS, has rejected a $420m proposal from CVC Capital Partners. Nearly 60 athletes, executives & FIS council members have urged a re-think.
The company has invested in Formula 1, soccer teams, rugby squads and women’s tennis – it was after a 20% shareholding in the commercial rights of snow sports.
The proposal included plans to centralise commercial and media rights, improve athlete branding and increase prize money.
FIS responded saying it was “very well capitalized and has no current need for further funding to help to deliver its strategic plans.”
Nearly 60 athletes, executives and FIS council members have urged FIS President Johan Eliasch to reconsider.
The list included Olympic Alpine skiing medalists such as Mikaela Shiffrin, Lara Gut-Behrami, Marco Odermatt, Aleksander Aamodt Kilde and Sofia Goggia,.
The Olympic freeski slopestyle champion Alex Hall and snowboarder Maddie Mastro also signed the letter.
Mikaela Shiffrin has shared the letter on social media:
.@fisalpine pic.twitter.com/D9DBYnC1w7
— Mikaela Shiffrin ⛷️ (@MikaelaShiffrin) December 11, 2024
See here for more on the story from ABC News
Also on the list was US Ski & Snowboard CEO Sophie Goldschmidt along with council members from Canada, Germany, Norway, Spain, Switzerland and Austria.
“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.
“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.”
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
FIS has responded saying “The letter 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 continued that “If raising capital becomes necessary, FIS would engage a financial advisor to conduct a transparent process, ensuring the best possible terms.”
“Currently, FIS is well-capitalised and does not require additional funding to execute its strategic plan.”
The controversy highlights tensions within FIS as it tries to balance tradition with the commercial development of snow sports.
Related Articles:
- German Ski Federation wins media rights battle against FIS
- FIS opens tender process for future media rights for World Championships
- FIS votes to centralise media and broadcasting rights
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