From Wikipedia, the free encyclopedia Though Tech won’t release results of testing, Babcock said he’s happy with the level and methods of testing and the results of the tests, but admits "financial component is big" in terms of current stresses TriplePoint Venture Growth BDC Corp. (NYSE: TPVG) (the "Company," "TPVG," "we," "us," or "our"), the leading financing provider to venture growth stage companies backed by a select group of venture capital firms in technology and other high growth industries Accomplishing the financial cushion to retire early is a fantasy for most, but bringing that fantasy to reality is not as difficult as it sounds. If you are willing to make some serious lifestyle adjustments, it can be achievable. The board of Russia’s anti-doping agency (RUSADA) called on the country’s sports authorities on Wednesday to consider firing its director over allegations he presided over serious financial irregularities.
Frank Porter Stansberry
In this extraordinary video, Porter Stansberry takes the marketing of his newsletters to new heights. Released in late 2010, it was heavily promoted in media as the flagship for a new campaign from the Baltimore-based investment tipster. Among Stansberry’s predictions were the literal collapse of the United States, and among his suggestions – apart from buying gold, silver and other metals – was that investors might want to stock up on canned food. Although no data was released from Stansberry and Associates, all the signs were that the project was a success for the advisor, if of mixed benefit to investors who did not see the fall of western democracy.
Hokies AD Whit Babcock is pleased with Tech’s health protocols, but financial future in college athletics is “deeply concerning”
Virginia Tech athletic director Whit Babcock (Courtesy of Virginia Tech Athletics)
Navigating his program through an imperfect world of ever-morphing health-related challenges and mountains of financial concerns he shares with every other college athletic department head, Virginia Tech athletic director Whit Babcock has assumed steadfast approaches.
Stick to the plan, especially as it pertains to Virginia Tech’s handling of the coronavirus pandemic and Tech Chief Medical Officer Dr. Mark Rogers’ implementation of various protocols. If the plan changes – and it constantly will – change with it.
“I would have to say we’re running the play that was called as best practices,” Babcock said Wednesday regarding Tech’s response to testing for and combating the spread of the coronavirus. “According to Mark, he told me (Tuesday) that we even go above and beyond what the requirements are. So, while we’re all anxious and watching it, I don’t know what we could do better, and then I’m pleased with the testing amounts. I’m pleased with the results.”
As for the fiscal part of the equation, keep preparing for the games that will hopefully take place – and check back in a few months. That’s the great unknown.
“It’s deeply concerning,” said Babcock, adding Virginia Tech is “around 4,000 (football) season tickets down” (which he’s happy with given the circumstances) and Tech may only be able to accommodate 30-36% of full capacity in 65,632-seat Lane Stadium this coming football season – if fans are permitted at all.
“Can we have games? The ticket component will certainly take a hit. Will television? Will advertising? … So, there is a big financial component, not to over-trump health, but the financial component is big.”
Virginia Tech isn’t releasing any of the general results of its coronavirus testing, which Babcock said was a decision made by administration in accordance with the Federal Educational Rights and Privacy Act and in order to avoid all possibility of identifying those who test positive.
Rogers has been satisfied with the testing procedures, which he said has involved testing with cotton swabs pushed deep into the nose when athletes first returned to campus for voluntary workouts, follow-up testing two weeks later and, beyond those tests, continued surveillance and further testing for a certain percentage of athletes.
“I’m optimistic,” Rogers said. “I’m operating under the opinion that our student-athletes want to compete and we are going to do everything to keep it safe and keep it rolling if we can.”
Not surprisingly, this pandemic era is often dictated by unforeseen situations to address.
One of those situations came this week when former cornerback Caleb Farley, who decided to skip this coming season and instead prepare for next year’s NFL draft, wrote in a piece for NBC’s Football Morning in America that certain scenarios involving former teammates at Tech worried him.
“Guys were going home, going to Myrtle Beach, coming back to campus, and we weren’t getting tested,” Farley wrote for NBC. “We’re all together, working out, close to each other, and you have no real idea who might have it, if anybody might have it. One day I looked around, and we were like 100-deep in our indoor facility, no masks. My concern grew more and more.”
Babcock, who revealed Virginia Tech is in the process of finalizing a football non-conference opponent, said he wasn’t certain of the validity of Farley’s claims regarding the Myrtle Beach trips.
“I don’t know if that’s accurate,” Babcock said.
“To my understanding, if they went it was awhile back, but no, I’m not sure when that was.”
Rogers said in the case of athletes who may have traveled to Myrtle Beach, which he couldn’t confirm, the surveillance component of testing would’ve been the protocol Tech followed.
“If we knew that someone went to a higher-risk area, they would potentially be in that concentrated surveillance week that week,” said Rogers, who added several agencies aren’t requiring masks in Tech’s indoor practice facility for football because large rolling doors have made it an open-air facility during workouts.
“If they go (to a higher-risk area), obviously we want them to be safe when they’re gone. So, we wouldn’t automatically test them when they get back. There’s obviously some lag on the testing capabilities to show up. So, if you go to Myrtle Beach this weekend and I test you tomorrow, it’s not going to show up. So, we need some time on that.”
Norm Wood, 757-247-4644, firstname.lastname@example.org
- whit babcock
Norm has covered Virginia Tech athletics since 2000, during the school’s time in both the Big East Conference and Atlantic Coast Conference. He has also covered University of Virginia athletics since 2008.
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Author: Norm Wood
TriplePoint Venture Growth BDC Corp. Announces Second Quarter 2020 Financial Results
Net Investment Income of $0.38 Per Share and Net Increase in Net Assets of $0.69 Per Share
DECLARES THIRD QUARTER 2020 DISTRIBUTION OF $0.36 PER SHARE
TriplePoint Venture Growth BDC Corp. (NYSE: TPVG) (the “Company,” “TPVG,” “we,” “us,” or “our”), the leading financing provider to venture growth stage companies backed by a select group of venture capital firms in technology and other high growth industries, today announced its financial results for the second quarter ended June 30, 2020 and the declaration by its Board of Directors of its third quarter 2020 distribution of $0.36 per share.
Second Quarter 2020 Highlights
- Earned net investment income of $11.5 million, or $0.38 per share;
- Net increase in net assets of $21.2 million, or $0.69 per share;
- Recorded $19.4 million from the realization of warrant and equity gains from the sale of CrowdStrike, Inc. shares, with 56,747 shares still held as of June 30, 2020;
- Net asset value of $405.5 million, or $13.17 per share, at June 30, 2020, an increase of 2.7% from prior quarter;
- Signed $92.9 million of term sheets with venture growth stage companies at TriplePoint Capital LLC (“TPC”), and TPVG closed $13.9 million of new debt commitments to venture growth stage companies;
- Funded $20.5 million in debt investments to seven portfolio companies with a 14.4% weighted average annualized portfolio yield at origination;
- Achieved a 13.7% weighted average annualized portfolio yield on total debt investments for the quarter;
- Realized a 11.5% return on average equity, based on net investment income during the quarter;
- Ended the quarter with a 0.75x leverage ratio;
- The Company’s investment adviser, TriplePoint Advisers LLC (the “Adviser”), provided TPVG with an unsecured revolving credit line of up to $50.0 million, with $25.0 million available at close (and an accordion feature for an additional $25.0 million), subject to approval by the Adviser; and
- Declared a third quarter distribution of $0.36 per share, payable on September 15, 2020; bringing total declared distributions to $9.60 per share since the Company’s initial public offering.
Year to Date 2020 Highlights
Earned net investment income of $23.8 million, or $0.78 per share;
Paid distributions of $0.72 per share;
Signed $172.4 million of term sheets with venture growth stage companies at TPC, and TPVG closed $116.5 million of new debt commitments to new and existing venture growth stage companies;
Funded $99.3 million in debt investments to 15 portfolio companies with a 13.6% weighted average annualized portfolio yield at origination;
Achieved a 13.2% weighted average annualized portfolio yield on total debt investments;
Raised $78.2 million of net proceeds from the public issuance of 5.75 million shares of common stock;
Raised $70.0 million in aggregate principal amount from the private issuance of 4.50% institutional notes due 2025, initially
assigned a BBB rating by DBRS, Inc.; and
Undistributed taxable earnings of $8.9 million, or $0.29 per share, as of June 30, 2020.
“Our second quarter results demonstrate our unique venture growth stage lending approach, the experience of our team, and the high quality of our portfolio companies,” said Jim Labe, chairman and chief executive officer of TPVG, adding, “While there remains uncertainty in the global economic environment, we will continue to focus on our investment portfolio and to deploy our capital in a disciplined fashion to support venture growth stage companies.”
“We are pleased to realize gains from the sale of a substantial portion of our warrant and equity investments associated with the loan we committed to CrowdStrike, Inc. in 2016,” said Sajal Srivastava, president and chief investment officer of the Company. “These gains highlight the potential for additional returns and net asset value accretion from our investments over the long-term.”
PORTFOLIO AND INVESTMENT ACTIVITY
During the three months ended June 30, 2020, the Company entered into $13.9 million of new debt commitments with four portfolio companies, funded debt investments totaling $20.5 million to seven portfolio companies, acquired warrants valued at $0.2 million in four portfolio companies and made an equity investment of $0.1 million in one portfolio company. Debt investments funded during the quarter carried a weighted average annualized portfolio yield of 14.4% at origination. During the quarter, the Company had $25.1 million of principal prepayments, and $12.1 million of scheduled principal amortization. The weighted average annualized portfolio yield on total debt investments for the second quarter was 13.7%. The Company calculates weighted average portfolio yield as the annualized rate of the interest income recognized during the period divided by the average amortized cost of debt investments in the portfolio during the period.
As of June 30, 2020, the Company held debt investments with 37 portfolio companies, warrants in 61 portfolio companies and equity investments in 21 portfolio companies. The total cost and fair value of these investments were $708.5 million and $692.9 million, respectively.
Total portfolio investment activity for the three and six months ended June 30, 2020 and 2019 was as follows:
For the Three Months Ended June 30,
For the Six Months Ended June 30,
Beginning portfolio at fair value
New debt investments, net(a)
Scheduled principal amortization
Principal prepayments and early repayments
Accretion of debt investment fees
New warrant investments
New equity investments
Proceeds and dispositions of investments
Net realized gains (losses) on investments
Net unrealized gains (losses) on investments
Ending portfolio at fair value
(a) Debt balance is net of fees and discounts applied to the loan at origination.
SIGNED TERM SHEETS
During the three months ended June 30, 2020, TPC entered into $92.9 million of non-binding term sheets to venture growth stage companies. These opportunities are subject to underwriting conditions including, but not limited to, the completion of due diligence, negotiation of definitive documentation and investment committee approval, as well as compliance with TPC’s allocation policy. Accordingly, there is no assurance that any or all of these transactions will be completed or assigned to the Company.
As of June 30, 2020, the Company’s unfunded commitments totaled $180.4 million, of which $33.3 million was dependent upon portfolio companies reaching certain milestones. Of the $180.4 million of unfunded commitments, $151.3 million will expire during 2020 and $29.0 million will expire during 2021, if not drawn prior to expiration. Since these commitments may expire without being drawn, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company.
RESULTS OF OPERATIONS
Total investment and other income was $23.8 million for the second quarter of 2020, representing a weighted average annualized portfolio yield of 13.7% on total debt investments, as compared to $18.9 million and 16.5% for the second quarter of 2019. The increase in total investment and other income was primarily due to higher weighted average principal outstanding on our income-bearing debt investments, partially offset by a lower effective yield due to lower prepayment activity and a decrease in the Prime Rate. For the six months ended June 30, 2020, the Company’s total investment and other income was $44.6 million, as compared to $36.4 million for the six months ended June 30, 2019, representing a year-to-date weighted average annualized portfolio yield on total debt investments of 13.2% and 16.4%, respectively.
Operating expenses for the second quarter of 2020 were $12.3 million as compared to $8.8 million for the second quarter of 2019. Operating expenses for the second quarter of 2020 consisted of $4.3 million of interest expense and amortization of fees, $3.2 million of base management fees, $2.9 million of income incentive fees, $0.6 million of administration agreement expenses and $1.3 million of general and administrative expenses. Operating expenses for the second quarter of 2019 consisted of $3.0 million of interest expense and amortization of fees, $2.1 million of base management fees, $2.5 million of income incentive fees, $0.4 million of administration agreement expenses and $0.8 million of general and administrative expenses. The Company’s total operating expenses were $20.9 million and $16.4 million for the six months ended June 30, 2020 and 2019, respectively.
For the second quarter of 2020, the Company recorded net investment income of $11.5 million, or $0.38 per share, as compared to $10.1 million, or $0.41 per share, for the second quarter of 2019. The increase in net investment income between periods was driven primarily by an increase in total investment and other income due to higher weighted average principal outstanding on our income-bearing debt investments. Per share net investment income decreased between periods due to a larger number of weighted average shares outstanding in 2020 as a result of the Company’s equity offering in January 2020. Net investment income for the six months ended June 30, 2020 was $23.8 million, or $0.78 per share, compared to $20.0 million, or $0.81 per share, for the six months ended June 30, 2019.
During the second quarter of 2020, the Company recorded $0.8 million, or $0.03 per share, of net realized gains on investments, consisting of $19.4 million of realized gains from the sale of publicly traded shares held in CrowdStrike, Inc. offset by $18.0 of realized losses from the finalization of asset sales and removal of two obligors rated Red (5) on the Company’s credit watch list, and $0.6 million of other net realized losses. During the second quarter of 2019, the Company recorded net realized losses on investments of $17,000, or less than $0.01 per share.
Net unrealized gains on investments for the second quarter of 2020 were $8.9 million, or $0.29 per share, resulting from the reversal of $18.0 million of previously recorded unrealized losses from the finalization of asset sales and removal of two obligors rated Red (5) on the Company’s credit watch list and by $2.5 million of net unrealized gains from mark-to-market related changes and credit-related adjustments, partially offset by the reversal of $11.6 million of previously recorded unrealized gains associated with the shares of CrowdStrike, Inc. sold during the quarter. Net unrealized gains on investments for the second quarter of 2019 were $13.8 million, or $0.55 per share. The Company’s net realized and unrealized losses were $7.7 million for the six months ended June 30, 2020, compared to net realized and unrealized gains of $14.9 million for the six months ended June 30, 2019.
The Company’s net increase in net assets resulting from operations for the second quarter of 2020 was $21.2 million, or $0.69 per share, as compared to $23.9 million, or $0.96 per share, for the second quarter of 2019. For the six months ended June 30, 2020, the Company’s net increase in net assets resulting from operations was $16.1 million, or $0.53 per share, as compared to $34.9 million, or $1.41 per share, for the six months ended June 30, 2019.
The Company maintains a credit watch list with portfolio companies placed into one of five categories, with Clear, or 1, being the highest rating and Red, or 5, being the lowest. Generally, all new loans receive an initial grade of White, or 2, unless the portfolio company’s credit quality meets the characteristics of another risk category.
As of June 30, 2020, the weighted average investment ranking of the Company’s debt investment portfolio was 2.03, as compared to 2.00 as of the end of the prior quarter. During the quarter ended June 30, 2020, portfolio company credit category changes, excluding fundings and repayments, consisted of the following: one portfolio company with an aggregate principal balance of $15.0 million was upgraded from White (2) to Clear (1); one portfolio company with an aggregate principal balance of $10.0 million was upgraded from Yellow (3) to White (2); one portfolio company with an aggregate principal balance of $21.6 million was downgraded from White (2) to Yellow (3); and two portfolio companies with an aggregate principal balance of $17.0 million were removed from Red (5) as a result of the finalization of asset sales. The following table shows the credit rankings for the Company’s debt investments at fair value as of June 30, 2020 and December 31, 2019:
June 30, 2020
December 31, 2019
(dollars in thousands)
NET ASSET VALUE
As of June 30, 2020, the Company’s net assets were $405.5 million, or $13.17 per share, as compared to $332.5 million, or $13.34 per share, as of December 31, 2019.
LIQUIDITY AND CAPITAL RESOURCES
As of June 30, 2020, the Company had total liquidity of $165.0 million, consisting of cash and restricted cash of $23.0 million and available capacity under its revolving credit facility of $142.0 million (which excludes an additional $100.0 million available under the credit facility’s accordion feature), subject to existing advance rates, terms and covenants. The Company also has available capacity under its unsecured revolving credit line provided by the Adviser, of up $50.0 million (which includes $25.0 million available under the facility’s accordion feature), subject to approval by the Adviser.
On July 30, 2020, the Company’s board of directors declared a quarterly distribution of $0.36 per share for the third quarter of 2020, payable on September 15, 2020 to stockholders of record as of August 31, 2020.
Since June 30, 2020 and through August 4, 2020:
The Company received $29.1 million of principal prepayments generating approximately $1.0 million of prepayment fees and interest income;
TPC’s direct originations platform entered into $43.2 million of additional non-binding signed term sheets with venture growth stage companies;
The Company closed $22.0 million of additional debt commitments; and
The Company funded $3.9 million in new investments.
The Company will host a conference call at 5:00 p.m. Eastern Time, today, August 5, 2020, to discuss its financial results for the quarter ended June 30, 2020. To listen to the call, investors and analysts should dial 1 (844) 826-3038 (domestic) or 1 (412) 317-5184 (international) and ask to join the TriplePoint Venture Growth BDC Corp. call. Please dial in at least five minutes before the scheduled start time. A replay of the call will be available through September 5, 2020, by dialing 1 (877) 344-7529 (domestic) or 1 (412) 317-0088 (international) and entering conference ID 10146187. The conference call will also be available via a live audio webcast in the investor relations section of the Company’s website, http://www.tpvg.com. An online archive of the webcast will be available on the Company’s website for 30 days after the call.
ABOUT TRIPLEPOINT VENTURE GROWTH BDC CORP.
The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC, the leading global provider of financing across all stages of development to technology, life sciences and other high growth companies backed by a select group of venture capital firms. The Company’s investment objective is to maximize its total return to stockholders primarily in the form of current income and, to a lesser extent, capital appreciation by lending primarily with warrants to venture growth stage companies. The Company is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. More information is available at http://www.tpvg.com.
Certain statements contained in this press release constitute forward-looking statements. Forward-looking statements are not guarantees of future performance, condition or results and involve a number of substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including as a result of changes in economic, market or other conditions, the impact of the COVID-19 pandemic and its effects on the Company’s and its portfolio companies’ results of operations and financial condition, and those factors described from time to time in the Company’s filings with the Securities and Exchange Commission. More information on these risks and other potential factors that could affect the Company’s financial results, including important factors that could cause actual results to differ materially from plans, estimates or expectations included herein or discussed on the webcast/conference call, is included in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed annual report on Form 10-K, as well as in subsequent filings, including the Company’s quarterly reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s opinions only as of the date hereof. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
TriplePoint Venture Growth BDC Corp.
Consolidated Statements of Assets and Liabilities
(in thousands, except per share data)
June 30, 2020
December 31, 2019
Investments at fair value (amortized cost of $708,540 and $660,675, respectively)
Deferred credit facility costs
Prepaid expenses and other assets
Revolving credit facility
2022 Notes, net
2025 Notes, net
Other accrued expenses and liabilities
Preferred stock, par value $0.01 per share (50,000 shares authorized; no shares issued and outstanding, respectively)
Common stock, par value $0.01 per share (450,000 shares authorized; 30,784 and 24,923 shares issued and outstanding, respectively)
Paid-in capital in excess of par value
Total distributable earnings (loss)
Total net assets
Total liabilities and net assets
Net asset value per share
TriplePoint Venture Growth BDC Corp.
Consolidated Statements of Operations
(in thousands, except per share data)
For the Three Months Ended June 30,
For the Six Months Ended June 30,
Interest income from investments
Total investment and other income
Base management fee
Income incentive fee
Interest expense and amortization of fees
Administration agreement expenses
General and administrative expenses
Total operating expenses
Net investment income
Net realized and unrealized gains (losses)
Net realized gains (losses) on investments
Net change in unrealized gains (losses) on investments
Net realized and unrealized gains (losses)
Net increase in net assets resulting from operations
Basic and diluted net investment income per share
Basic and diluted net increase in net assets per share
Basic and diluted weighted average shares of common stock outstanding
Weighted Average Portfolio Yield on Total Debt Investments
For the Three Months Ended June 30,
For the Six Months Ended June 30,
(Percentages, on an annualized basis)(1)
Weighted average portfolio yield on total debt investments(2)
Accretion of discount
Accretion of end-of-term payments
Impact of prepayments during the period
U.S. Prime Rate at end of period(3)
Weighted average portfolio yields on total debt investments for periods shown are the annualized rates of interest income recognized during the period divided by the average amortized cost of debt investments in the portfolio during the period.
The weighted average portfolio yields on total debt investments reflected above do not represent actual investment returns to the Company’s stockholders.
Included as a reference point for coupon income and weighted average portfolio yield.
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INVESTOR RELATIONS AND MEDIA CONTACT
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Want To Retire Early? Learn the Intelligent Investing Secret – August 05, 2020
Accomplishing the financial cushion to retire early is a fantasy for most. Bringing the fantasy to reality is not as difficult as it sounds. The key is straightforward: Save significantly more every month. Sounds simple, correct? One moment.
Usually, advisors advise 15% to 20% of total income saved every month as an objective – yet in the event that you want to retire earlier, you likely need to tighten that number up to 40% or half of your pay. Not a discipline easily practiced when you review or consider that a substantial segment of your paycheck goes to basic, non- negotiable lifestyle needs. But if you are willing to make some serious lifestyle adjustments and trade-offs, it’s achievable.
This concept of intensive saving for an early retirement has spawned a movement called FIRE (Financial Independence, Retire Early). Followers of FIRE strive to save up to three-quarters of their income, and make other adjustments too: live in small homes, walk to work each day, practice strict diet plans, and more. Even if this lifestyle may sound a bit unreasonable, the ideas behind it are worth considering.
First, stick with the fundamentals of long-term growth investing: Choose a diversified portfolio of stocks with exposure to different styles, sizes, sectors, and regions.
To speed up the retirement investment cycle, you can build a portfolio structured with more risk – and the potential for higher returns. It should in any case be adequately diversified to safeguard against sharper than normal market downturns that can be hard to recuperate from and that can ruin any opportunity to achieve your early retirement goal. There are various strategies to diversify a portfolio, and how you do so should be guided by your age, your risk appetite, your growth and income needs, and your long-term objectives.
Once you have accelerated your savings and put an ongoing plan in place, invest your savings into your portfolio as soon as possible. Don’t try to time the market. Leave your portfolio alone, and let the compounding nature of the markets do its magic to help grow your retirement nest egg exponentially over time.
You may want to look at growth stocks with attributes acceptable for retirement investing like low beta, strong earnings estimates, positive sales growth, and expected future growth.
The Zacks Rank routinely recognizes lower risk growth retirement portfolio picks, and here are a few that may be worth considering: Bristol Myers Squibb (BMY – Free Report) , Amgen (AMGN – Free Report) and AbbVie (ABBV – Free Report) . These growth stocks have strong Zacks Ranks and a beta of 1 or lower, with earnings and sales growth of at least 5% over the past 5 years.
Do You Know the Top 9 Retirement Investing Mistakes?
Whether you’re planning to retire early or not, don’t let investing mistakes derail your plans.
If you have $500,000 or more to invest and want to learn more, click the link to download our free report, 9 Retirement Mistakes that will Ruin Your Retirement.
Author: Zacks Investment Research
Russia Moves Closer to Sacking Anti-Doping Chief Over Alleged Financial Violations
MOSCOW — The board of Russia’s anti-doping agency (RUSADA) called on the country’s sports authorities on Wednesday to consider firing its director over allegations he presided over serious financial irregularities.
Yuri Ganus, who was named director of RUSADA in August 2017, denied the allegations made by Russia’s Olympic Committee last month and has portrayed them as a political attack on his agency and its efforts to clear up Russia’s sporting image.
Ganus was appointed to head RUSADA as it was mounting a push to be reinstated after being suspended over a doping scandal.
The appointment of a new director had been a condition for the agency’s reinstatement.
RUSADA’s supervisory board met to discuss the allegations against Ganus on Wednesday.
Alexander Ivlev, the board’s chairman, said it considered the allegations to be true and recommended that the agency’s founders, Russia’s Olympic and Paralympic committees, consider firing Ganus, the Interfax news agency reported.
The Olympic Committee said it would soon set a date to meet the Paralympic Committee to decide on Ganus’ fate.
“The supervisory board’s decision today about distrust in RUSADA director general Yuri Ganus and the inexpediency of him remaining in this post, which was adopted almost unanimously, looks unambiguous,” Stanislav Pozdnyakov, president of the Olympic Committee, said in a statement.
The World Anti-Doping Agency (WADA) said it was extremely concerned by the supervisory board’s recommendation and that it would seek clarification from the Russian authorities.
RUSADA was suspended in 2015 after a report commissioned by WADA found evidence of mass doping among Russian track and field athletes.
RUSADA was conditionally reinstated in September 2018, but was declared non-compliant late last year after WADA found Moscow had provided it with doctored laboratory data.
The agency has appealed against a four-year ban on Russian athletes competing at major international sporting events under their flag as punishment for that data alteration.
The case will be heard by the Lausanne-based Court of Arbitration for Sport (CAS) in November.
(Reporting by Gabrielle Tétrault-Farber; Editing by Tom Balmforth and Toby Davis)