70 million


$70 million was the real deal with Qatar, so what happened to the money? BYM News is now convinced that, when Tracy Edwards announced she had a £38 million sponsorship deal with Qatar, that was fact, not - as some have come to believe - just a mere hope based on polite expressions of interest. So what happened to the money?



QSi stands for Qatar Sports International, which is a multi-faceted B2B sporting exhibition and conference, first held in Qatar in 2002 and again in 2004. It’s main purpose is to connect sports infrastructure and equipment companies with senior sports officials from the Middle East, Africa and Asia. QSi is also a company, which is the trading arm of the Qatar National Olympic Committee and is headed by Crown Prince Sheikh Tamim bin Hamad bin Khalifa Al Thani. The 2004 event details were unveiled in the presence of his Excellency Sheikh Jassim Bin Thamer Al Thani, Chairman of the Qatar Marine Sports Federation & Vice President of the Qatar National Olympic Committee and the event was opened by Sheikh Saud bin Abdul Rahman Al Thani, Secretary General of Qatar National Olympic Committee. Perry Smith was Project Manager in the run up to QSi 2002, he was the man behind the organisation of QSi 2004; his title - at the time of the announced sponsorship - was QSi Director of International Relations & Marketing. There can be no doubt that Smith (seen here at the London sponsorship announcement) has worked closely with members of the Qatari Royal Family for a number of years.




		Look at these pictures! The one on the right was taken at Edwards’ sponsorship announcement in London, the one above at a QSi event in Qatar. In both, Tracy Edwards’ expression and body language comes over loud and clear. This is not someone with just a hope, someone still worrying about whether a deal will happen; this is someone who is absolutely delighted with themselves and proud of what they’ve pulled off. Those pictures alone say “There was an Edwards deal with Qatar”. Body language was also mentioned by one of Quest’s creditors. Paul Wells - speaking of visits to Qatar - told BYM News, last week “There always seemed to be robes and sheiks about and, if they weren't playing ball, I had no inkling of it; the body language said they were." The evidence that there really was a $70 million sponsorship deal is, however, far more concrete than body language.



	Perry Smith featured in several publicity photographs issued by Maiden Ocean Racing Qatar Ltd, at the time that Tracy Edwards made the London sponsorship announcement. It is inconceivable that Perry Smith could even have been present at that event if there were no £38 million sponsorship deal. It is inconceivable that he could have stood in front of the word Qatar and spoken of the sponsorship deal if there were no sponsorship deal. It is inconceivable that he could have been so relaxed, when the Duke of York commented on the model of Qatar 2006, if there were no sponsorship deal. The inevitable conclusion is that, when Tracy Edwards announced that she had a £38 million deal with Qatar, that was absolute fact. That is, however, still just a conclusion and not proof that a deal was actually signed!

So was a sponsorship deal actually signed and, if so, for how much?

On Monday April 5, 2004, speaking at a press conference in Doha, Ms Virginia Kern, Chairman of Fairs & Exhibitions Ltd, who were the organisers of QSi 2004, said ”Substantial contracts will be announced during the exhibition, to be awarded by Qatar National Olympic Committee (QNOC). Contracts will be announced on a daily basis at the QSi expo by the Sports Facilities and Infrastructure Department of QNOC.”

On Wednesday, April 7, 2004, QSi issued a press release about contracts signed, at the expo, up to that date. It included the statement “Monday's major award was the massive US$70million deal signed between QNOC and Tracy Edwards for the sponsorship of two formula one yachting races, the Oryx Cup and the Quest.” That Press Release was widely circulated and can still be read on a number of PR and newspaper websites, both in the Middle East and India.

Proof that Qatar did sign a $70 million sponsorship deal to put on two round-the-world yachting events.

Further proof came at the end of QSi 2004, when a further statement was circulated, listing all the deals signed at the exhibition. BYM News has obtained a copy of that list and heading it is:

Tracy Edwards, Maiden Ocean Racing Qatar, F1 yachting race sponsorship $70 million.


	There was a $70 million deal, but who/which company was it with?

The Qatari statements differ slightly; one says that the deal was signed between QNOC and Tracy Edwards, the other that is was with Tracy Edwards, Maiden Ocean Racing Qatar Ltd.

When Sports Impact sued for unpaid bills, in late 2004, Tracy Edwards issued this statement and published it on the MOQR website: "Maiden Ocean Racing and Maiden Ocean Racing Qatar (two dormant shelf companies with no assets) are currently in litigation with a company called Sports Impact re invoices they claim we owe and that we dispute. Maiden Ocean Racing and Maiden Ocean Racing Qatar do not and have never had any contracts with Sports Impact or any other company for that matter. The two companies have not and have never had a deal with Qatar and are not involved in the events in any way. They were bought off the shelf to protect the names. The company that has a contract with Qatar and that is currently running the events does not have anything to do with Maiden II (the boat) and does not have any litigation or pending litigation against it."

That Tracy Edwards statement, directly contradicts the information announced and circulated by QSi, in April 2004.

Information supplied by Companies House does, however, list Maiden Ocean Qatar Ltd (MOQR) as a ‘non-trading company’ on 11 September 2004. The sole director and £1 share holder of MOQR is listed as Tracy Edwards and her brother is named as company secretary.

How can a company that, according to QSi, holds a signed contract for $70 million dollars be a non-trading company, with no assets?

The only possible answer is that the Qatari contract was transferred to some other company, but - to those who downloaded HTML pages of the MOQR website, before the home page was changed to an oryxquest.com redirect - that explanation does not make sense.

Prior to the website changes that took place in late 2004, the MOQR contacts list used to be:

Tracy Edwards MBE

PO Box 9948
5 AlFardan Gardens
D Ring Road
Doha
Gulf State of Qatar
Tel/Fax + 974 467 8041
Website www.maidenoceanracingqatar.com
Email: tracy.edwards@maidenoceanracingqatar.co.uk

Doo Gurney (left)
Tribe Management

Tel: 020 7494 8260
Email: doo@tribemanagement.com

Perry Smith
It'l. Relation & Marketing Director

P.O. Box: 7494, Doha - State of Qatar
Tel: (+974) 4944096 / 4944097
Fax: (+974) 4944095
Email: qsi@qatar.net.qa

According to that MOQRcontact list, Perry Smith was not only the International Sales and Marketing Director for QSi, but for Maiden Ocean Racing Qatar Ltd., suggesting an even deeper involvement with Qatar.

What happened to $70 million?

Is it still sitting, unpaid out, in a Qatari National Olympic Committee bank account? Has it been spent and, if so on what? Is all, or part of it in some other bank account? The answers are crucial; if the money was paid to MORQ Ltd, why did that company have to go into liquidation? If the money was not paid to MORQ, was it paid to some other company. If it was never paid at all it is still owed and, if paid now, could solve everyone’s problems - Tracy’s and the creditors of the various companies involved in this saga.

When Bruno Peyron sued Tracy Edwards, her reaction was to countersue, claiming that she had failed to get expected sponsorship monies because of his suit. BYM News understands that she sued in the amount of $20 million, but other reports say £20 million. Whichever currency it is in, the claimed amount of lost sponsorship is not $70 million and, in any case, the Qatari announcement of a $70 million contract was made after Peyron had taken legal action.

On October 21 2003, Edwards said "Lack of funding has hampered and threatened the future of Ocean Racing for several years. The joint venture between Maiden Ocean Racing and the State of Qatar is fantastic news for the growth of the sport. We look forward to discussing the many opportunities the two new events have opened, not only for our team, but for all the Maxi Multihull owners." Is there a clue in that mention of “joint venture”? Certainly, whilst speaking at the London announcement, Smith said We are delighted to have facilitated this new business Joint Venture with Maiden Ocean Racing which will see them partner with us in a new Joint Stock company in Qatar. Did that company receive the $70 million?

There is certainly evidence of a $70 million contract between Edwards and/or MORQ and representatives of the Gulf State of Qatar. There is certainly a link between MORQ and the Oryx Quest. The Quest International Sports Events Ltd Administrators report states that Tracy Edwards owns the intellectual property rights to the two Qatar events and leased these to Quest International Sports Events.

There are many unanswered questions, but the biggest of all has to be:

Why doesn’t the Administrators Report for Quest International Sports Events Ltd even mention the $70 million Qatari sponsorship?

Marian Martin

Photos MORQ

Author’s Note: BYM News has made every effort to contact Tracy Edwards, since the announcement of her bankruptcy. An e-mail from Edwards was received by BYM on Tuesday, September 13 and, in a subsequent e-mail exchange between herself and the author, Edwards said she would talk to BYM News and would supply a contact number. To date, no such number has been received, nor have any further e-mails, despite repeated requests.


Related links: Qatar & UK. Tracy Edwards to sue Qatari Government, in the Hague, after successful action in Qatar "Who owes the prize money, who owns the boat?" answered Tracy Edwards: Quest creditor believes Arabs let her down "Much has been destroyed by this" says Bruno Peyron DTI investigates Edwards companies; Administrator says "No conflict of interest" Those with pending court cases against Quest should register claim "Who owes the prize money?" "Who owns the boat?" asks Larsen; Bullimore won't talk Yachtswoman Tracy Edwards declared bankrupt, debts could be £8 million