UBS facilitated loan to bankrupt sports firm
The country's biggest bank, UBS, says it contributed to a SFr277 million ($155.9 million) loan to the bankrupt sports marketing company, the ISMM group.
But the bank said it was fully covered against potential losses from its exposure which, it says, amounts to tens of million of francs. A spokeswoman said the loan had already been included in the bank’s first quarter results.
“UBS and BNP Paribas co-arranged a syndicated loan of SFr277 million and the exposure of UBS within this loan is in the low double-digit millions,” said the bank’s Monika Dunant.
International Sports Media and Marketing declared bankruptcy a week ago after failing to find a partner willing to take over its debts estimated at around SFr1 billion.
Its subsidiary, ISL Worldwide, held the marketing rights for the 2002 football World Cup and several other major sporting events.
Sepp Blatter, the head of football’s world governing body, FIFA, has come under increasing pressure to explain how the organisation’s marketing partner of more than 20 years could have collapsed.
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