An MLA has lodged a complaint with the government regarding the outstanding payments owed by the MotoGP promoter.

tháng 3 16, 2024

An MLA has lodged a complaint with the government regarding the outstanding payments owed by the MotoGP promoter.

An inquiry into Fairstreet Sports' MotoGP expenditures has uncovered financial discrepancies, including allegations of outstanding payments and licensing fee discrepancies with Dorna. Fairstreet Sports refutes these claims, referencing an audit report submitted to the government.

NOIDA: The Uttar Pradesh government has instructed the Yamuna Expressway Authority (YXPA) to launch an investigation into the utilization of funds by Fairstreet Sports, a local event management firm, for the organization of last September's MotoGP Bharat event at the Buddh International Circuit.

Invest UP and YXPA, both supported by the state government, served as the primary sponsors for the three-day event starting from September 22. They allocated Rs 18 crore to Fairstreet, the local promoter designated by Dorna, the official company responsible for organizing MotoGP events worldwide.

According to sources within YXPA, the investigation was initiated following allegations made by Jewar MLA Dhirendra Singh, who claimed that Fairstreet had not yet fulfilled its obligations to many stakeholders despite receiving funds from the government. Prathamesh Kumar, the additional CEO of Invest UP, recently reached out to YXPA, requesting a report detailing the commitments made by Fairstreet and the extent to which they were fulfilled in relation to MotoGP Bharat.

As per the sponsorship agreement, Fairstreet was tasked with preparing the Buddh International Circuit to meet MotoGP standards. Additionally, it was responsible for arranging hotel accommodations and local transportation for government officials, among other services.

"In the interest of transparency and accountability, and to aid our decision-making process regarding potential future collaborations with Fairstreet Sports for MotoGP events, I respectfully request your office to conduct a comprehensive on-site verification report. This report should assess whether the sponsorship funds have been utilized for the designated activities and purposes. Moreover, it should evaluate whether the financial expenditures claimed by the company are justified relative to the actual costs of the activities undertaken," stated the letter addressed to YXPA CEO Arun Vir Singh.

According to sources, Jewar MLA Dhirendra Singh penned a letter to the chief secretary and the YXPA chief on December 15 of last year, alleging financial irregularities involving Fairstreet. In his correspondence, Singh claimed that the local company was supposed to remit Rs 120 crore as a license fee to Spain's Dorna but failed to do so. Dorna Sports, holding the commercial rights for MotoGP, had struck a deal with Fairstreet to host seven racing events at the Buddh circuit. In the most recent MotoGP Bharat event held from September 22 to 24, 82 riders from 41 teams participated.

"The Indian partner is deceiving the Spanish company. They are attempting to persuade the government to cover the license fee," alleged the legislator.

Singh asserted that several companies that provided services such as housekeeping and security to Fairstreet had complained to him about unpaid dues. He alleged that Rs 6 crore owed to the company responsible for track construction on Fairstreet's behalf remained outstanding. Furthermore, he stated that the Jaypee Group, the circuit's owner, had issued an invoice for Rs 14 crore but had not been compensated.

In his missive, the MLA called for an audit of the government's payments to Fairstreet. He also advocated withholding any advance payments to Fairstreet for the upcoming event until all outstanding dues were settled.

Fairstreet refuted the allegations, asserting that it had furnished an audit report to the government.

"If there were any issues regarding the license fee with Dorna, the company would not have announced the event for 2024. We have settled the invoices of most service providers and are in the process of settling the remainder. Some companies have submitted inflated bills, which require scrutiny," remarked Pushkar Nath Srivastava, Fairstreet's chief operating officer.

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