“Accounts for World Sailing (UK) Limited indicate that Andy Hunt was paid £192,393 ($248,379/€222,791) in 2018.” … Good riddance maybe – but why was this guy hired in the first place?
World Sailing is in the final stages of negotiating an overdraft facility to cover an expected cash fall in the middle of next year.
The worst-case peak shortfall is currently estimated to be £1.3 million ($1.7 million/€1.5 million) in August 2020, although the body expects to start the year with a cash balance of just £35,715 ($46,108/€41,358).
The loan is to be secured on the assets of the World Sailing Investment Trust.
Details of the governing body’s challenging cash flow situation emerged at its recent Council meeting in Bermuda.
As explained at the meeting, World Sailing has suffered both from lower-than-expected sponsorship income and a series of one-off costs during the present quadrennium running from 2017-20. Read on.
Title inspiration thanks to Zoey Dollaz