USA Gymnastics Bankruptcy: Who Gets Hurt the Most
INDIANAPOLIS--The bankruptcy of USA Gymnastics is another blow to the organization's reputation, said Bill Benner, sports contributor for Inside Indiana Business. The organization filed for Chapter 11 protection Wednesday so it can stay together and still pay claims from victims of sexual abuse.
"In addition to the employment and providing jobs, the world gymnastics championships, the various USA championships that have come to this city that have had enormous economic and visibility impact world-wide, I don't think we can discount USAG has been at the forefront of Indianapolis sports initiatives from the beginning," said Benner.
The Indianapolis-based gymnastics organization was the governing body for the Olympic gymnastics competition until this fall, when that power was stripped from them because of the sexual abuse arrests of Dr. Larry Nassar and others in the company.
"I'm tremendously saddened for the people who go to work every day with the only mission of trying to provide training and top-flight competition," said Benner. He said some of the people helped most by USAG are not the people who go to the Olympics, but young athletes who just benefit from being in gymnastics.
"I feel for those people. But, from the outside world and for all those who were involved in allowing what happened to happen, that's shameful and it can't be excused."
The organization said in a prepared statement announcing the bankruptcy filing, that it intends to rebuild its reputation, which has been tarnished around the world.
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