LegalPay, a New Delhi-based legal technology firm, has launched a USD 3 million (about Rs 25 crore) fund aimed at resolving sporting disputes in India.
The fund has a four-year term and plans to tap athletes while addressing broadcasting rights, endorsement, and advertising concerns. The fund has no restriction on the size of claims tickets.
Commenting on the launch, LegalPay CEO Kundan Shah said, “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 athleterepresentation, and legal advice as well as help them with dispute resolution which has to encourage more students to take up sports as a career.”
There has been 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 conflicts of interest regarding the endorsement by players.
Shah added that this fund will be used in an all-encompassing manner to cover all kinds of disputes in this sector.
To date, LegalPay, through its litigation financing and embedded lending product has funded over 2,500 litigations and arbitrations across the globe.