World Sailing negotiating overdraft
Published on November 4th, 2019
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). Details of the governing body’s challenging cash flow situation emerged at its recent Council meeting in Bermuda. Full report.