New Delhi: LegalPay, India’s first and largest litigation financer, is breaking into the world of sports law disputes. In a first, the company has announced the launch of a $3 million fund for sports disputes with a focus on supporting the rights of athletes in India while also addressing disputes pertaining to broadcasting rights, endorsement & advertising aiming to boost the sports industry. With a tenure of four years, the sports-focused fund has no limit on the ticket size.
Over the past decade the sports industry in India has evolved with the advent of major sporting leagues like IPL, ISL, Pro Kabaddi and IHL. This development has been accompanied by a rising number of disputes pertaining to contracts between sports players and other parties, doping policies, harassment in sports, liability with regard to sports injuries, broadcasting rights and conflict of interest regarding the endorsement by players. The fund will be utilised to manage these disputes in the Indian legal sector.
The company has created a robust and fast process mechanism to run the fund in a fair and swift manner. The company has drafted strict rules and regulations which will govern its use.
Talking about this, LegalPay CEO Kundan Shahi states, “As the country is evolving towards sports, it is our mission and duty to safeguard the interests of our aspiring athletes. Therefore, LegalPay has launched this fund to provide athlete representation and legal advice as well as help them with dispute resolution, which has to encourage more students to take up sports as a career.” While Shahi effectively encapsulates the spirit of this initiative, he goes on to add that this fund will be used in an all-encompassing manner to cover all kinds of disputes in this sector.
LegalPay is a Fintech startup that focuses on litigation funding and helps people at large to get access to justice through litigation and arbitration. LegalPay has funded over 2500 litigations and arbitrations across the globe in different jurisdictions. It has a network of 2000+ lawyers who work on different assignments as per their expertise.
Shahi stated that through litigation funding, LegalPay would help the athletes by funding their commercial litigations and arbitrations as well as provide them embedded finance for their representation and general legal advice. This fund will ensure that every prospective athlete will have the right to dream big and choose sports as a career in India.
LegalPay is India’s 1st Fintech startup specialising in Legal and debt financing. LegalPay, through its Litigation Financing and embedded lending product, has played a pivotal role in the legal market as it helps businesses and individuals at large to get access to justice. LegalPay has funded over 2500 litigations and arbitrations across the globe in different jurisdictions. It has a network of 2000+ lawyers who work on different assignments as per their expertise.
LegalPay has played a monumental role over the last 3 years in the revival of various companies which were undergoing CIRP under IBC 2016. LegalPay, through its own NBFC, provides funds to corporate debtors that range from Rs. 30 Lakhs to 50 Crores. Currently, LegalPay has disbursed more than 100 crores as Interim Finance to 17 different businesses.
LegalPay is backed by a strong team which comprises of CAs, Lawyers (Alumni of India’s top-ranking college), MBAs and Economists.