U.S. Speedskating short $300,000

Since 2006, DSB Bank in the Netherlands has sponsored the U.S. Speedskating programs, but on Monday, a Dutch court officially declared DSB Bank bankrupt, leaving U.S. Speedskating with a budget shortfall of more than $300,000. With less than four months until the 2010 Olympic Winter Games in Vancouver, U.S. Speedskating executive director Bob Crowley and the U.S. Speedskating board officers are creating a new financial plan to get through the rest of the 2009-10 speedskating season.

"DSB Bank has been an excellent partner for U.S. Speedskating and has allowed us to provide excellent service for our athletes," said Brad Goskowicz, U.S. Speedskating president. "It is our mission to ensure our U.S. Speedskating Olympic Team has everything they need to be successful and we will continue towards that end. The impact will be seriously felt and we will be seeking additional sponsor opportunities."

The privately owned DSB Bank had hoped for a government bailout, but bank regulators insist DSB's failure was caused by mismanagement and not a result of the economic crisis. DSB Bank believes its downfall was a result of a run on the bank when an "industry gadfly" called for customers to withdraw their deposits. Regardless of the cause, it leaves U.S. Speedskating in a challenging position.

Sponsorship money has dropped significantly during the past two years of economic uncertainty but Crowley believes there are still companies out there interested in fostering a relationship with U.S. Speedskating before and after the Olympic Games.

"There are very attractive sponsorship opportunities now available," Crowley said. "and this is a great opportunity for a company to attach themselves, at a very low cost, to the sport that is projected to win a record number of Olympic medals."

Despite the financial setback, U.S. Speedskating is proceeding with its competition calendar including the National Championships, the American Cup series and the U.S. World Cup/Olympic Qualifying event which began on Wednesday in Milwaukee. The top long-track speedskaters in the country will compete to earn spots on the World Cup team and eventually qualify for the U.S. Olympic Team for speedskating.