Skweek CEO addresses financial woes: 'We'll pay everything' / News - Basketnews.com

Skweek CEO Oleg Petrov admitted that the company missed some payments, but he reassured that all financial commitments will be fulfilled in the near future.

Credit: Alfonso Cannavacciuolo/Euroleague Basketball via Getty Images Credit Alfonso Cannavacciuolo/Euroleague Basketball via Getty Images

French Basketball League (LNB) broadcaster Skweek responded to the report about the uncertainty and financial woes, reassuring that all problems are expected to be quickly resolved.

"There will be no blackout!" The CEO of Skweek and Fedcom Media, Oleg Petrov told Le Parisien.

As Le Parisien reported initially, Skweek seems to face financial problems, which amount to a debt of €2-3 million.

"There are some debts to honor, but we guarantee there will be no blackout. We have already contacted partners to regularize the situation," Petrov assured. "We will pay everything in the coming weeks. Within 2 to 3 weeks, we will have repaid 50% of what we owe, and soon after, 100%. Everything will be covered until the end."

"All sums will be reimbursed, and if we have to pay interest, we will," he added.

Petrov also said that Skweek's difficulties are related to the international economic situation.

"It's not because of a cash flow problem on our part," Petrov claimed. "It's a question of the international economic situation. Our owner, Mr. Fedorychev (founder of the multinational Fedcom), trades grain with Ukraine, and you might be aware that the situation is quite complicated at the moment."

"There have been some difficulties, but we do not hide them. But I promise, all sums will be reimbursed, and if we have to pay interest, we will," Petrov continued.

Since Skweek's foundation in 2022, Alexeï Fedorychev has reportedly invested €30 million in basketball from his personal funds.

"He does it because he is a true basketball enthusiast," Petrov assured. He loves this sport, and that's why he invests and doesn't intend to stop. We will repay the sums that are lacking."

Payment delays also concern the IMG company, which has the broadcasting rights of the Euroleague.

"Within two weeks, 50% of the sums will be reimbursed, and the rest will follow very quickly. The contract [valid until 2030] is not in question," Petrov claimed.

At the beginning of the season, Skweek signed an agreement with the National League to be the broadcaster of French basketball until 2030 for €2.5 million per season.

Petrov confirmed that there is no question of stopping this commitment.

"We are here to stay for a long time," Petrov told Le Parisien. "The matches will continue to be broadcast until the end of the season."

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