Sunday, February 12, 2012

WEG ended 2010 with financial loss despite aid from Lyons, Princess Haya

Kentucky.com - Full Article

By Janet Patton — jpatton1@herald-leader.com
Posted: 8:22pm on Feb 11, 2012

The 2010 Alltech FEI World Equestrian Games in Lexington, once lauded as likely to be the first championships of its kind to make money, apparently fell shy of that mark despite last-minute help from sponsor Pearse Lyons and FEI's president, Princess Haya.

According to its 2010 tax return, the non-profit World Games 2010 Foundation closed the year $1,386,625 in the red after receiving almost $70 million in revenue, including more than $36 million in 2010 alone.

Because the Games were put on by a private foundation, tax returns are the only financial information required to be made public. Individual contributions do not have to be disclosed.

But according to foundation chairman John Long, the 2010 revenue included a previously undisclosed extra cash injection of $3 million from Lyons, founder of Alltech, the Nicholasville-based animal health and nutrition company.

Lyons' company paid $10 million for title sponsorship of the Games at the Kentucky Horse Park, the first equestrian championships held outside Europe.

Alltech spokeswoman Susanna Elliott said last week that Lyons would not comment on the Games' finances or the transaction...

http://www.kentucky.com/2012/02/11/2065068/weg-ended-2010-with-financial.html