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Bolt lawyers allege eight-time Olympic champion missing $12.7 million

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Lawyers for Usain Bolt have alleged that more than $12.7 million (£10.3 million/€11.7 million) is missing from an account belonging to the eight-time Olympic gold medallist.

Claims that the legendary Jamaican sprinter was missing millions of dollars from an account with investment firm Stocks and Securities Limited (SSL) first emerged in The Gleaner last week, and lawyers for Bolt are seeking the return of the money.

Linton Gordon, a lawyer for Bolt, has said that Bolt now has just $12,000 (£9,700/€11,100) in the account having once had $12.8 million (£10.3 million/€11.8 million), and provided the Associated Press with a copy of a letter sent to SSL.

“If this is correct, and we are hoping it is not, then a serious act of fraud larceny or a combination of both have been committed against our client,” the letter from Bolt’s lawyers reads.

They have threatened civil and criminal action if the money is not returned within 10 days.

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SSL has not responded to an Associated Press request for comment.

It has asked clients to direct all queries to Jamaica’s Financial Services Commission (FSC) and has said it is “closely monitoring the matter”.

SSL has warned that several of its clients may be missing millions of dollars after it discovered the fraud earlier this month.

The FSC announced on Monday (January 16) that it would appoint a special auditor to look into allegations of fraud.

Financial authorities have assumed temporary management of SSL, which requires Government approval for any transactions.

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Jamaica’s Finance Minister Nigel Clarke said: “I am in shock, and feel a profound level of anger and disgust, at the alarming and evil fraud that has allegedly been committed at Stocks and Securities Limited.”

Bolt retired from athletics in 2017, and is one of the highest-earning stars in his sport’s history.

Widely regarded as one of the greatest athletes of all time, the now 36-year-old is the only man to have won three consecutive 100 metres and 200m Olympic titles, which he achieved from Beijing 2008 to Rio 2016.

He finished his career with eight Olympic golds after contributing to men’s 4x100m relay success at London 2012 and Rio 2016.

Jamaica were stripped of their victory in that event at Beijing 2008 because of Nesta Carter’s positive doping test.

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Bolt is the most decorated male athlete at the World Athletics Championships with 11 gold medals, and still holds world records of 9.58sec and 19.19 in the 100m and 200m respectively, set in 2009.

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Kunle Solaja is the author of landmark books on sports and journalism as well as being a multiple award-winning journalist and editor of long standing. He is easily Nigeria’s foremost soccer diarist and Africa's most capped FIFA World Cup journalist, having attended all FIFA World Cup finals from Italia ’90 to Qatar 2022. He was honoured at the Qatar 2022 World Cup by FIFA and AIPS.

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Athletics

James, Shambaz win Lotus Bank Abeokuta 10m Race

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BY DAPO SOTUMINU

Nigeria’s Francis James and Blessing Shambaz yesterday emerged winners of the 2nd Lotus Bank Abeokuta 10km Race to go home with the winners prize money of $1,000 in a race that was officially flagged off by the First  vice president of the Nigeria Olympic Committee, Chief Solomon Ogba, and supported by Mr. Nadin Khan, the president of the World Ultra Running.

James won the men’s race finishing at 30minutes 11seconds to beat all opponents to consolidate on his victory in Abuja when he finished second best in the half marathon held in the Federal Capital Territory middle of the year.

James also emerged the Nigeria’s winner of the World class half marathon.

It will be recalled that James at his last major race in Abuja finished second place in a national half marathon race. He stressed that he used that race to prepare for the Lotus Bank Abeokuta Race and he was very happy winning the race.

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He stressed that, the victory at Lotus Bank Abeokuta 10m Race has given him the confidence to do better in others races coming up in Nigeria and its an indication, that he’s very close to making history for Nigeria in subsequent marathon races. He added that, Nigerian runners will pull surprise in the others races not minding the attendance of the East Africans.

In second place for the men’s race  is Gyang Raymond at a time of 30 minutes 14 seconds. Gyang got $750 for his effort. While the third place winner is Gyang David Boyi at 30 minutes 54 seconds. Boyi got a cash prize of $500.

In the women 10km race, the runners up that placed second was Daylop Patience at a time of 36minutes 98.28seconds to keep her position in last year’s edition. She got $750.

Third place winner is Agofure Charity at 37minutes 88 seconds.She got $500.

The overall 10km also saw the race by special athletes.

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The route of the Lotus Bank Abeokuta Race wore a very active look this morning with the active presence of Febbs table water, a part sponsor of the event.

The volunteers on each points on the route all had Febbs Water on their hands ready to hand them over the runners. The organisers decorated all the runners that crossed the finish line with gold medals, this added to the fanfare and celebrations at the Alake Palace finish line of the race.

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Athletics

Diamond League raise 2025 prize money to over $9 million

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The Diamond League will increase its prize money to more than $9 million in 2025, the highest in the history of the series, the organisers have said.

Athletes will make a total of $18 million, with top athletes also receiving promotional fees. Male and female athletes will be paid at the same rate, the Diamond League said in a statement.

“The new total is almost a third higher than the sum paid during the pandemic-affected period of 2021-2024,” the statement said, adding that more will be invested in the athletes’ travel, transport, accommodation, medical and physio services.

Each of the 14 Diamond League meets of the 2025 regular season, scheduled to kick off in April, will award a total prize money of $500,000, with the final in August offering $2.24 million.

“The total prize money per discipline will be between $30,000 and $50,000 at the series meetings and between $60,000 and $100,000 at the final,” the statement added.

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The Diamond League’s 2024 season concluded in Brussels last week, with Zurich set to host the 2025 final.

The news comes after World Athletics ended a 128-year tradition by paying Olympic champions at the Paris Games $50,000 each and as rival track events try to muscle in on the circuit long seen as the standard-bearer for professional athletics.

Retired American sprinting great Michael Johnson’s Grand Slam Track will offer prize money ranging from $100,000 for the winner to $10,000 for the eighth-place finisher at each of four “slams” when the league launches next year.

It will distribute a total of $12.6 million in prize money in 2025.

“In a league of our own,” Grand Slam Track wrote in a post on X, opens new tab on Wednesday, with a breakdown of their prize money.

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-Reuters

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Athletics

Record 6000 runners register for 2nd Lotus Bank Abeokuta 10km Run

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A record 6,000 runners, local and international from across the African continent and Nigeria have registered for the second edition of the Lotus Bank Abeokuta 10km Run slated for September 28, 2024, as the organisers, Nilayo Sports Management Limited guns for a bronze label status for the race.

The Chief Operating Officer of Nilayo Sports Management Limited,  Ebidowie Oweifie, noted that the theme of this year’s edition of the Abeokuta 10km Race titled ‘For Greatness’ out is out to commemorate the birthday anniversary of the Egba paramount ruler, the Alake of Egbaland, Oba Adedotun Aremu Gbadebo 111, the 10km Run will flag off at Iyana Oloke at 6am and finish at The Alake Palace, Abeokuta.

Kenya’s Peter Nwaniki is the men’s race defending champion at a time of 28 minutes 14 seconds, while Shamila Kipsirir also of Kenya is the women’s defending champion.

Nigeria’s race men’s defending champion is Francis James at 31minutes 08seconds, while the women’s defending champion is Patience Daylop at 36 minutes 31 seconds.

The second edition of Abeokuta10km Race will be sponsored by Lotus Bank, FEBBS Premium Water, Fatgbems Petroleum Limited and Cash Token.

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