World Championship prize money insurance.....

[einnod23]

.....does the IAAF have it?

The IAAF pays the medal winners for being gold, silver or bronze. And if the athlete tests positive and defaults on paying back the money, the federation could take out a policy that ensures it gets its money back, in order to pay the athlete who moves up!

After reading the Tyree Washington article, it's very troubling that a major international sports organization cannot pay the new winner (Washington) his $60,000 due to the default of the positive athlete (Young)!!!!!!!

I mean, there's private mortgage insurance, so that the bank gets its money in case of a homeowner default, right?

[einnod23]

The paragraph below, from the article, is the sole reason I started this thread.......

"It's years down the road, and recovering money that no longer exists is frankly a problem. Going to Jerome to ask for the money - Jerome doesn't have £30,000. Getting blood from a stone is very difficult."

http://www.bbc.co.uk/blogs/tomfordyce/2 ... _gold.html

[proofs in the pudd'in]

The paragraph below, from the article, is the sole reason I started this thread.......

"It's years down the road, and recovering money that no longer exists is frankly a problem. Going to Jerome to ask for the money - Jerome doesn't have £30,000. Getting blood from a stone is very difficult."

http://www.bbc.co.uk/blogs/tomfordyce/2 ... _gold.html

I would sue his arse. Preferably Judge Judy - she kicks arse.

[einnod23]

The paragraph below, from the article, is the sole reason I started this thread.......

"It's years down the road, and recovering money that no longer exists is frankly a problem. Going to Jerome to ask for the money - Jerome doesn't have £30,000. Getting blood from a stone is very difficult."

http://www.bbc.co.uk/blogs/tomfordyce/2 ... _gold.html

I would sue his arse. Preferably Judge Judy - she kicks arse.

The potential cost of litigation may outweigh just taking out a policy to protect the federation. And even if Young does have assets (looks like he doesn't), such as a home, how valuable is it in a bad economy. This is why prize money should be insured.

Now, granted, money is withheld until the testing results. But what happens if the athlete tests negative today and down the line, it's found out that he WAS on the stuff (see Marion Jones, East Germany)? How does the federation get reimbursed?

[tandfman]

The only weapon that anyone has right now (apart from litigation) is the fact that athletes can't be reinstated unless they pay back everything they earned by shouldn't have. In some cases, that's meaningful and in some it's not (as in cases where the athlete has retired). Litigation, too, is meaninful only where the athlete has sufficient assets. I assume that's often not the case.

[einnod23]

The only weapon that anyone has right now (apart from litigation) is the fact that athletes can't be reinstated unless they pay back everything they earned by shouldn't have. In some cases, that's meaningful and in some it's not (as in cases where the athlete has retired). Litigation, too, is meaninful only where the athlete has sufficient assets. I assume that's often not the case.

But that doesn't resolve Tyree's issue! He lost sponsorship money for his "silver", and now, he's fighting for his gold money. I mean, the IAAF can't even pay the difference (between Tyree's "silver" earnings and Young's "gold").

That's why you insure the prize money!