Team ZAAF has failed to pay their riders in 2023 and folded. The cycling federation requires a bank guarantee worth a couple months of salary to be held in custody to be used in the event a team cannot pay salaries.
Resolves yes if the riders get their money. Resolves no if some riders are not paid by April 2024. This only means the amount covered by the bank guarantee, not the full lost salary which they will not get.
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I have not been able to find any information about this yet. Here is what I am going to do:
The 'before April 2024' date is still in place. If anyone on the team is paid after 1 April 2024, this resolves No.
The closing time is extended until the end of the year -- if anyone can find the answer, they deserve to gobble up the liquidity.
If we reach the end of the year and still do not know, I probably need to N/A it.
If you have other suggestions, let me know.
My best understanding is the Spanish Federation should be obligated to pay the riders on or before 31 March 2024.
This message indicates the Zaaf riders supposedly will get the bank guarantee. No proof yet but I am updating.
https://twitter.com/CharlesMarsault/status/1716688457479643553?t=2nMbgvndZCsKVMFsHHCyag&s=19
I think the default position on this is going to be No rather than N/A, if there is no evidence at all. The criteria are pretty strict "if some riders are not paid by April 2024", so even if some riders are paid, that is not enough for a Yes. I need to see convincing evidence that all riders were paid from the bank guarantee. A report from the Spanish federation or UCI would be a really good one.