The fund has a tenure of four-year and is looking forward to tapping athletes while addressing conflicts related to broadcasting rights, endorsement and advertising. The fund does not have any limit on the ticket size for claims.
“We have launched this fund to provide representation and legal assistance to athletes, as well as to help them with dispute resolution, which will give them more confidence and encourage more students to pursue sports as a career,” said Kundan Shahi, chief executive of LegalPay. “This fund will be used in an all-encompassing manner to cover all kinds of disputes in this sector.”
The startup is of the view that 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.
The fund said in its release that, this has also led to a rise in the 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.
“LegalPay will help the athletes by funding their commercial litigations and arbitrations as well as provide them embedded finance for their representation and general legal advice,” said Shahi. “This fund will ensure that every prospective athlete will have the right to dream big and choose sports as a career in India,” he added.
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So far, LegalPay, LegalPay through its litigation financing and embedded lending product has funded over 2,500 litigations and arbitrations in India and other jurisdictions.
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