Surprising twists characterize the announcements about investor Lars Windhorst, who was said to take over McCourt’s shares in the Longines Global Champions Tour (LGCT) and Global Champions League (GCL), then attempted to back out of the contract. News of last week says, the latest discussion is settled, Lars Windhorst is part of LGCT now.
When Lars Windhorst was introduced as the new investor of LGCT and GCL at the beginning of this year, discussions with Jan Tops and Frank McCourt about details had already been led for more than a year. Lawyers had worked out a tailormade contract. The new investor was presented when the last signature of Lars Windhorst was still missing.
Facing the Corona pandemie Lars Windhorst changed his mind in regards of equestrian sports and wanted to back out of the contract. He wanted to take advantage of the missing signature, argued with the Corona pandemie affecting horse sport. While lawyers were struggling about the LGCT contract, Lars Windhorst proved devotion to another sport and promised German football club Hertha BSC Berlin support, offering another 150 million Euros.
Finally there is good news for LGCT and GCl founder Jan Tops. Last week McCourt Global and Tennor Group announced that the parties have agreed and reached an amicable outcome regarding the purchase of McCourt’s stake in Longines Global Champions Tour and Global Champions League by Lars Windhorst. Jan Tops commented:”I am happy to confirm agreement has been reached for our new partnership. Our business is in good shape and strong as it has always been, pandemic notwithstanding, and all team owners and other key stakeholders are fully committed. We will continue to build on our innovation roadmap and the global success of our circuit. We will go forwards not backwards.”