9.01 AM Monday, 11 November 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 05:13 06:29 12:06 15:12 17:36 18:52
11 November 2024

Thorpe struggling with recession aftermath

Ian Thorpe (SUPPLIED)

Published
By AFP

Australian Olympic swimming great Ian Thorpe has taken a hit from the effects of the global financial crisis but is confident his business empire will not go under, reports said on Saturday.

Thorpe, 27, a five-time Olympic gold medallist, said he had suffered serious cashflow problems after shedding lucrative sponsorship deals to focus on his university studies.

Thorpe has interests in a Chinese private equity fund, a share in an online mortgage auction site, sports drinks and tuna steaks, and own-brand underwear and toiletries. The swimmer said he had received help from his bank in restructuring his financial affairs.

Thorpe said as a consequence he would scale back his studies to part-time so he could devote more time to his business and charity interests.

"I am happy where I am at and this week I finalised some new commercial relationships which will be announced shortly," he said.

He said he would continue his links with his many sponsors.

 

Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.