International Swimming League to pay over $7M US in overdue 2021 prize cash, eyes comeback

The International Swimming League can pay greater than 300 athletes long-overdue prize cash owed from its 2021 season, Commissioner Ben Allen informed Reuters, because the skilled swimming ‌circuit seeks to rebuild belief and relaunch after years of inactivity.

Allen mentioned the ISL would pay all of the prize cash owed, with simply over $7 million US on account of about 312 athletes who have been being knowledgeable in a letter from the ISL being despatched out on Sunday.

Among the notable swimmers set to obtain funds are a number of Olympic champions Ryan ​Murphy, Sarah Sjostrom and Summer McIntosh.

Payments will probably be made in 4 installments of ​25 per cent, with the primary scheduled by the top of this 12 months and the remaining anticipated yearly, although the league would speed up the method if attainable. Some Russian athletes must wait longer to obtain ​their funds on account of technical points relating to their financial institution accounts.

“We are paying our 2021 prize money,” Allen ⁠mentioned in an interview the place he ⁠broke information of the funds.

“It’s unfortunate that it’s been a couple ‌of years. We’ve been hit by a couple of different issues – the war in Europe, COVID. We had a lot of challenges but we’re at the point where we can do it now.

“It’s an obligation we have at all times mentioned that we’ll fulfill.”

‘Not turning our backs’

Launched in 2019, the ISL sought to professionalize elite swimming through a ⁠team-based competition model and attracted many of the sport’s biggest names. It has not held a season since 2021.

Allen said total athlete compensation for the 2021 season was north of $10 million, including roughly 25 per cent in “solidarity funds” designed to support swimmers during the COVID-19 pandemic, when competition opportunities ‌were limited.

Those solidarity payments had been completed, he said, leaving the remaining 75 per cent — just over $7 million — in performance-based prize money.

“We are usually not turning our backs on our athletes and we’ll fulfill our obligations.”

Allen said the payments would be made with no reductions or conditions attached and would apply to active and retired athletes alike.

“Everyone will get 100 per cent,” ​he said. “They earned the cash. They swam, they competed, they carried out, they deserve it.”

ISL comeback

Allen said the league’s original financiers remained supportive, including ISL founder Konstantin Grigorishin, who he ⁠said was still involved in the organization and its planned relaunch.

He said the delays were caused by the pandemic, which increased costs ⁠and made sponsorship more difficult, and by the impact of the war in Europe on Grigorishin, a Ukrainian billionaire and the ⁠league’s ⁠main financier.

Allen also cited the ISL’s legal victory over ​World Aquatics in the U.S. federal court in January as a significant development that could improve the league’s commercial prospects.

He said the ISL ​hoped to stage an event in ⁠2026 before a fuller comeback in 2027, though details remain unresolved.

The league is considering reorganizing teams geographically, entering new markets and adjusting its event format to make competitions more attractive to traveling spectators and broadcasters.

“There are a whole lot of issues that are nonetheless up within the air,” Allen said.

“The predominant information is that we did not flip our again on the group. We’re paying everybody every part. We’ll want a little bit of time, however ⁠everybody will get every part after which we ‌can transfer on.”