Thursday, February 22, 2024
Outlook.com
Outlook India
Outlook Business

LegalPay Marks Foray Into The World Of Sports, Launches A $3 Million Fund

The fund will be utilised to manage disputes in the Indian legal sector

LegalPay Marks Foray Into The World Of Sports, Launches A $3 Million Fund
LegalPay
POSTED ON May 25, 2023 5:20 PM

Litigation financer LegalPay has decided to enter into the world of sports law disputes. It has also announced a $3 million fund for sports disputes with a focus on supporting the rights of athletes in India. Additionally, it will address disputes pertaining to broadcasting rights, endorsement and advertising that can boost the sports industry.

With a tenure of four years, the sports-focused fund has no limit on the ticket size. 

The company has added that over the past decade, the country's sports industry has evolved with the advent of major sporting leagues like Indian Premier League (IPL), Pro Kabaddi and Indian Hockey League. This development has been accompanied by a rising number of disputes pertaining to contracts between sports players and other parties, doping policies, harassment in sports, liability with regard to sports injuries, broadcasting rights and conflict of interest regarding the endorsement by players. 

Recently, the Delhi High Court appointed Olympic gold medallist Abhinav Bindra and former hockey player M M Somaya to a committee overseeing the disbursement of funds to sports federations for selecting teams to represent the country in the Asian Games. According to a PTI report, the court ordered the committee to ensure that the money is spent solely on sportspersons and their training, travel, arranging coaches for them, procuring necessary equipment, and availing services like physiotherapy.

Earlier this year, the Delhi High Court also pulled up the Equestrian Federation of India (EFI) over its selection process for Asian Games, observing that a national sports federation should prioritize identifying and fostering the best talent in the country without being muddled by hyper-technicality or personal vendettas against any candidate.

LegalPay has claimed to create a robust and fast process mechanism to run the fund in a fair and swift manner. The company has drafted strict rules and regulations which will govern its use.

Talking about this, LegalPay's CEO Kundan Shahi stated, “As the country is evolving towards sports, it is our mission and duty to safeguard the interests of our aspiring athletes. Therefore, LegalPay has launched this fund to provide athlete representation, and legal advice as well as help them with dispute resolution, which has to encourage more students to take up sports as a career."

  • Related Articles

    The incremental shoppers have largely come from tiered cities with Tier 3 constituting 46 per cent of it

    1 In Every 3 Online Shoppers Is Now On Its Network: GoKwik

    Walko Food Co, which owns the NIC ice cream brand, raised $4.8 million in funding from JM Financials in 2021.

    Ice-cream Brand NIC Raises $11 Million From Jungle Ventures

    The round included participation from Eduardo Saverin, co-founder of Facebook, and existing investors, including Lionrock, IIFL Seed Venture Fund, RPG Ventures, and Techpro Ventures

    Hopscotch Raises $20 Million Led By Amazon To Grow Its Kids Fashion Brand