Thorpe struggling with recession aftermath

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.

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