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NIKE TO HELP OUT WORLD MASTERS GAMES PAY OFF CREDITORS?
Published November 2, 1998
Organizers of the "financially strapped" World Masters Games "are attempting to persuade creditors to accept 75 cents on the dollar of their debts," according to Jeff Manning of the Portland OREGONIAN. Outgoing Portland Oregon Sports Authority President Scott Andrews said the group "has given up on its plan to seek financial help from the city and state." Some creditors have already agreed "to accept as little" as 50% of what they are owed. However, Games officials have "persuaded corporate backers to come up with" about $300,000 in additional funds, "reducing" the Games shortfall from $500,000 to about $200,000, and sources said that Nike "agreed to furnish a significant percentage of the additional money." The August games drew less "than half the competitors predicted by organizers" and "was marred by disappointing participation and fell far short of the predicted local impact" (Portland OREGONIAN, 10/31).