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July 20, 2006
The company behind the Bermuda Classic, the veterans Twenty20 tournament held in April, has gone broke after it appeared that government decided not to increase the funding to the Get Fit Foundation (GFF).
The Bermuda government gave more than $1 million last year to help underwrite the event, but it was last week reported that GFF were looking for an additional $3 million this year after reporting losses of around $700,000.
A spokesman for the company said that without government backing, and with little corporate interest, there was no money left to pay the bills. He added: "As a result, the GEFF directors have no alternative than to work with legal advisors with a view to placing the company into the hands of the official receiver."
The Royal Gazette reported that a number of local firms were owed money by GFF, and it also claimed that the rental charges for the pitches had not been paid.
Keith Pont, the former Essex fast bowler who headed the GFF, had claimed that a loss was expected in the first year, but only half the tickets were sold and expected corporate sponsorship did not materialise. He was unavailable for comment.
© ESPN Sports Media Ltd.
Plays of the day from the IPL match between Chennai Super Kings and Kings XI Punjab in Abu Dhabi