Earlier this week, Sports law firm IPS LAW LLP, headed by Chris Farnell, have announced they brought an ongoing debt dispute to a close.
The firm, who have represented the Premier Leagues elite players managers and clubs, found themselves having to agree to settle a £1M debt dispute when they acted as guarantors, despite assurances from the debtor SafeHarbour that the guarantee would not be enforced.
High profile UK Sports IPS LAW and sports lawyer Chris Farnell have agreed to settle a debt with SafeHarbor.
A matter related to funding that was taken out for Project Red Card founders Global Sports and Data Technology Limited.
Whilst the terms of the final settlement sums paid are not yet known, IPS LAW have announced that they honoured the debt and look set to take separate action against Global Sports Data and Technology Limited to recover the total sum they had to pay.
Global Sports Data and Technology Limited also face a separate action for failure to pay outstanding invoice to the sports firm.
Founding partner Chris Farnell commented on the matter: “IPS Law have agreed to settle this matter.
“As an established firm, honouring our own well-earned reputation for doing right by our clients is the most important thing.”
Whilst it seems clear there may be further litigation against Global Sports Data and Technology Limited, IPS LAW LLP have resolved the dispute with SafeHarbor.
SafeHabor is a USA based company that provided funding for Project Red Card. The dispute arose when the monies for Project Red Card were requested to be returned.
However, it took over 12 months months to bring this to a conclusion.
Despite this, the dispute caught the attention of financial analysts and others in the sports law community.
Financial analyst, Ron Higgins said: “The debt should not have fallen on IPS LAW LLP at all, they have done the honourable thing on this matter, it wasn’t a debt that they should have paid but that have stepped on for someone else”
The sports slaw industry is no stranger to controversy with multi-million-pound deals defining the game.
IPS Law have worked with some of the leading clubs and players in the world in their industry, including five time Ballon D’or winner Cristiano Ronaldo and Belgium football team manager Roberto Martinez.
Chris Farnell has also been involved with clubs including Chelsea FC and Manchester City FC . In other sports, including boxing, the firm has represented greats such as Tyson Fury and represents leading Premier League players.
