by site editor Rick McCharles
VTB is the largest Russian bank, by capital, about 77% owned by the Russian government.
September 28, 2009: The International Gymnastics Federation (FIG) and Russian bank VTB recently signed a partnership agreement. The agreement seals VTB’s commitment to financially supporting FIG development programmes on all five continents.
The partnership is a manifestation of the bank’s objectives; VTB already sponsors national sport federations such as gymnastics, basketball, volleyball, athletics (IAAF) and the partnership is evidence of its international vision for the sport of gymnastics, which enjoys a strong, long-standing tradition within the Russian Federation. …
VTB President and Chairman of the Management Board Andrei L. Kostin, says he is proud and honoured to have this opportunity to contribute to the development of the FIG and gymnastics worldwide, a discipline that is closely tied to the cultural and sporting heritage of the Russian Federation. Mr Kostin also sits at the head of the Russian Gymnastics Federation. …
Sounds like great news. In fact, I’m (tentatively) booked to do clinics in Asia this Fall on behalf of FIG and IOC. These funds may help partially support those.
… But does this put the Russians in a position of greater influence with the International Gymnastics Federation?
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