Attribute the following to USA Gymnastics –
To USA Gymnastics members:
Your Board of Directors has met frequently since we were appointed in June to determine the best steps to move USA Gymnastics forward and to restore the trust of the community. Critical to this effort are reaching resolution with the survivors of Larry Nassar’s abuse and putting the safety and well-being of our athletes at the forefront of all that we do.
This has been a challenging time, but we feel confident we are moving in the right direction, and we are taking the necessary steps to rebuild the organization and meet our responsibilities to our athletes and members, the survivors and the entire community.
To that end, USA Gymnastics today filed a voluntary petition for protection under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Indiana.
I want to explain what this actually means to you, our athletes, professional members, member clubs and the organization. Hopefully, this will answer many of the key questions you may have.
- USA Gymnastics will continue to operate fully just as we have done.
- This Chapter 11 filing does not mean that we cannot pay our bills, which we are currently doing. Rather, it provides us with the opportunity to reorganize while continuing to conduct day-to-day business, including sanctioning events; processing memberships; providing educational opportunities; staging USA Gymnastics championship and qualification events, national team camps and events; and supporting gymnasts at all levels, including the current and next generation of Olympic hopefuls.
- Funds held by USA Gymnastics on behalf of state and regional organizations are not considered USA Gymnastics property and we expect that they will continue to be able to be used as in they have been to date.
- The filing enables the organization to expedite resolution of claims by the Nassar survivors, which will be covered through various insurance policies of USA Gymnastics.
- This filing also allows us to move forward with our plans to strengthen our organization and further support the work of our members and gymnasts throughout the United States.
- The search is underway for a new CEO who has the experience and leadership skills to build on our efforts to date, help us to continue to restore confidence in USA Gymnastics, and execute a clear vision for a successful future.
- By staying all pending actions against USA Gymnastics, the Chapter 11 filing also allows USA Gymnastics to work with the United States Olympic Committee to determine the best path forward for the sport of gymnastics.
Click here for a message to help answer additional questions you may have regarding our operations and the Chapter 11 filing.
Since joining the Board last June, I have been inspired by the commitment of our members: the administrators, judges, coaches and club owners who work daily to foster a safe, positive and encouraging environment where thousands of gymnasts in America can learn gymnastics and life skills, compete and pursue their dreams.
All of our actions – from this filing, to working for resolution with the survivors of Nassar’s horrific abuse, to the safety initiatives we have implemented, to supporting our members and clubs, to providing educational and competitive opportunities – are taken with recognition of the past and a goal to make USA Gymnastics the best it can be for all participants.
All of us have the same objective – making meaningful changes for the benefit of our athletes and all members. While considerable changes have been made, substantial work still remains. Today’s filing will allow us to continue on this path and restore the organization to one of which we can all be proud.