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t-72

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Re: Astana
« Reply #90 on: February 23, 2018, 22:25 »
Reports in the news Vesti, Kazakh paper for those that read russian is that Astana is pretty much broke. Riders are not getting paid, and the situation is not resolved.
It appears Astana is not getting the money that was promised from their sponsors.

Question: isn't this why there is a bank guarantee required for the WT license? Employee's pay should have priority.
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  • LukasCPH

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    Re: Astana
    « Reply #91 on: February 24, 2018, 08:10 »
    Reports in the news Vesti, Kazakh paper for those that read russian is that Astana is pretty much broke. Riders are not getting paid, and the situation is not resolved.
    It appears Astana is not getting the money that was promised from their sponsors.
    :fp
    Oh joy.

    Question: isn't this why there is a bank guarantee required for the WT license? Employee's pay should have priority.
    Yes. But even the bank guarantee only covers three months' wages, and is only called up when an employee files paperwork with the UCI requesting that the bank guarantee be called up to cover their unpaid wages. In many cycling teams, such an employee could be certain that they would never get a contract with this team ever again ... after all, they dragged the team's name through the mud by making it public that the team didn't fulfil its obligations.
    Of course that is hypocritical to the extreme, but then, this is cycling.

    Jarlinson Pantano and other ex #colombia riders only applied to have their due wages paid out via the bank guarantee after they'd left the team. And they're probably not the only ones.
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    L'arri

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    Re: Astana
    « Reply #92 on: February 24, 2018, 11:30 »
    Obviously Vino's oft-mentioned pull within the govt back home isn't strong enough and times are hard for the super-rich utilities oligarchs.

    Brings a whole other meaning to the phrase "boom and bust cycle".
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    pastronef

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    Re: Astana
    « Reply #93 on: February 25, 2018, 20:31 »
    the Kazakh government has stopped the funding more suddenly than many hoped Disney would do...
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  • t-72

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    Re: Astana
    « Reply #94 on: February 25, 2018, 21:43 »
    Obviously Vino's oft-mentioned pull within the govt back home isn't strong enough and times are hard for the super-rich utilities oligarchs.

    Brings a whole other meaning to the phrase "boom and bust cycle".

    Let's see if it helps anything that *kz Aleksej Poltoranin completely bonked on the 50 km in the Olympics (cross-country skiing of course) the same day as #astana Michael Valgren wins his first Omloop. Poltoranin was the favorite pre-race but this went south, completely. In cycling, there was this #astana Lopez dude putting in a very good effort in Abu Dhabi as well. Maybe cycling isn't so bad, if the objective is to make your country noticed outside central Asia :)
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  • LukasCPH

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    Re: Astana
    « Reply #95 on: February 28, 2018, 23:02 »
    Some background on the team's financial woes:
    https://www.reuters.com/article/us-global-swf-kazakhstan-analysis/kazakhstans-frozen-billions-sound-alarm-for-sovereign-funds-idUSKCN1G40MI

    A Belgian court ordered banks to freeze 22.6 billion $, ~40% of Kazakhstan's sovereign wealth fund (Samruk-Kazyna, the team's main funding source), in a legal dispute with a Moldovan businessman about 500 million $.

    Man, this all sounds shady as hell. :S
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  • L'arri

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    Re: Astana
    « Reply #96 on: March 01, 2018, 10:00 »
    Some background on the team's financial woes:
    https://www.reuters.com/article/us-global-swf-kazakhstan-analysis/kazakhstans-frozen-billions-sound-alarm-for-sovereign-funds-idUSKCN1G40MI

    A Belgian court ordered banks to freeze 22.6 billion $, ~40% of Kazakhstan's sovereign wealth fund (Samruk-Kazyna, the team's main funding source), in a legal dispute with a Moldovan businessman about 500 million $.

    Man, this all sounds shady as hell. :S

    The key point is this:

    Quote
    "The more they act like ordinary commercial investors and not as vehicles of the state, it creates a risk that courts will not view them as instruments of the state, and are less likely to give them immunity"

    Lots of SWFs nowadays operate commercially and the money they contain is not only collected from state-controlled revenues but also a mix of private interests taking advantage of the inbuilt protection and increased market access to launder, offshore and secrete wealth.

    If the #astana budget is indeed entirely furnished from these frozen assets, then Vinokourov will have to go cap in hand to the old country in an effort to scrape the balance from other sources. The scale of the thing is clear enough though: $22.6bn is a lot of WT teams.
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  • LukasCPH

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    Re: Astana
    « Reply #97 on: March 01, 2018, 14:10 »
    The scale of the thing is clear enough though: $22.6bn is a lot of WT teams.
    Understatement of the decade, that. :P

    This is indeed on a scale that even Vino has next to no chance of sweet-talking his way out of.
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