The Contract

Tracy Edwards talks about the contracts and the companies involved

It was inevitable that, once Tracy Edwards had been made bankrupt and Quest International Sports Events had been put into receivership, people would start asking whether there had been a contract &, if so, how much was it for and which companies signed it.

The second article was written after we had become convinced that there was a sponsorship deal with Qatar. What still is not clear is which entity on your side and which Qatari entity did the deal. The latest information we have from you is that, on 14 October 2003, a contract was signed with Qatar Sports International (dissolved in the beginning of 2005) for £6 million pounds sponsorship to form part of the £38 million pounds four-year sailing programme in Qatar. The contract was with Maiden Events Ltd (later Quest International Sports Events Ltd) and QSI. On October 21 2003, you had said it was a joint venture between Maiden Ocean Racing and the State of Qatar? QSi’s press release, ofApril 7, 2004, said “Monday's major award was the massive US$70 million deal signed between QNOC and Tracy Edwards for the sponsorship of two formula one yachting races, the Oryx Cup and the Quest.” At the end of QSi 2004, a list of contracts was issued and that says “Tracy Edwards, Maiden Ocean Racing Qatar, F1 yachting race sponsorship $70 million.” The event website – prior to it changing to Quest, was in the name of Maiden Ocean Racing Qatar. All this is confusing, can you clarify it? Was the deal was with you personally, Quest International Sports Events, or Maiden Ocean Racing Qatar and was it with QNOC, or QSI on the Qatari side?

In October 2003 Qatar Sports International Ltd signed a £6 million agreement with Maiden Events Ltd. After that was reneged upon, a new agreement was signed between Qatar Sports International Ltd and Maiden Events Ltd in April 2004. Qatar Sports International Ltd was dissolved at the beginning of 2005 and a new company called Qatar Sports Investment Ltd set up in its place. Quest, therefore, has no recourse for monies owed.

The project title Maiden Ocean Racing Qatar was used in all press announcements as a working title, in case a title sponsor came in. The shelf company was purchased (remaining dormant), because it is a cheaper way of protecting the name than paying for trademarks and international copyright. We have used this method, at the advice of our solicitors, with all our projects.


	Perry Smith of QSi’s name appeared on the web site as being It'l. Relation & Marketing Director of Maiden Ocean Racing Qatar Ltd, but he was never listed as a Director at Companies House. Was he a director?

	Perry Smith was the marketing Director of QSI not MORQ.

	Quest International Sports Events Ltd Administrators report states that you own the intellectual property rights to the two Qatar events and leased these to Quest International Sports Events. Can you explain this?

	QSI insisted that I sign an lease agreement with QISE so that they were sure that the company had the right to use all intellectual property and brands previously owned by and set up by me, logo designs done by me, websites set up and paid for by me and anything else that they felt their sponsorship agreement with the company was entitled to. It was a transparent and legal document drawn up by solicitors. It was also a useful way of the company paying me back some of the money I had put into the project previously. I cannot go into any more detail on this point as I am NOT the main beneficiary of the money paid by the company for the lease agreement.


	Tracy Edwards responding to questions by Marian Martin