PT Usha Denies Financial Loss Allegations Against IOA in Reliance Deal
New Delhi, October 8: PT Usha, President of the Indian Olympic Association (IOA), has strongly denied claims made by IOA Treasurer Sahdev Yadav about financial losses due to a re-contract with Reliance Industries Limited (RIL). Usha stated there is evidence to refute these allegations.
The IOA dismissed reports of a Rs 24 crore loss from alleged undue favors to RIL. Usha responded to the CAG’s inquiry, asserting no financial loss occurred. She accused Yadav of defaming her and the IOA, explaining that the contract was made in 2022 when naming and branding rights were available. However, new IOC rules in 2023 removed these rights, prompting RIL to renegotiate terms.
Usha clarified that the re-contract was adjusted to Rs 35 crores up to 2030, with the Sponsorship Committee Chairman Rohit Rajpal involved in discussions. She emphasized the transparency and benefit of the deal for the IOA and Indian athletes.
Despite efforts to secure exemptions, the IOC’s guidelines for the Paris 2024 Olympic Games disallowed naming rights for sponsors, affecting all National Olympic Committees. RIL sought a 50% fee reduction due to this change.
Usha assured that all decisions were made in the IOA’s best interest, with no financial loss incurred. She warned against misleading the public or undermining the IOA, stating legal action would be taken if necessary.
Doubts Revealed
PT Usha -: PT Usha is a famous Indian athlete known for her achievements in track and field. She is often called the ‘Queen of Indian track and field’ and is now the President of the Indian Olympic Association (IOA).
Indian Olympic Association (IOA) -: The Indian Olympic Association is the organization responsible for selecting athletes to represent India at the Olympic Games and other international sports events. It also manages the Indian teams and promotes sports in the country.
Reliance Industries -: Reliance Industries is a large company in India, known for its work in various sectors like energy, petrochemicals, textiles, natural resources, retail, and telecommunications. It is one of the biggest companies in India.
Defamation -: Defamation is when someone makes false statements about another person or organization that can harm their reputation. It is considered a serious offense and can lead to legal action.
IOC -: IOC stands for the International Olympic Committee, which is the organization that oversees the Olympic Games globally. They set rules and guidelines for how the games are conducted and how organizations like the IOA should operate.
