(Lexington, KY) -- The USEF, and previously USA Equestrian, reviewed the applications submitted by the organizer of the Las Vegas World Invitational (LVWI) for three years prior to approving the competition in 2005. The USEF committees reviewing the applications established several conditions which had to be met by the organizers, primarily related to technical issues insuring the safety of the horses and riders, and securing payment to the competitors and officials.

The USEF approved the event for 2005 after all conditions set forth by the USEF were met by the LVWI organizers, including a $1,050,000 letter of credit from Icon International, Inc. as security for the prize money to competitors and the officials’ fees. This was the first time, to the knowledge of the USEF, that a letter of credit had been required from an organizer as a condition of date approval.

The USEF made clear to the organizers that the letter of credit was to be specifically for this purpose. This understanding was confirmed to the USEF by Icon International, Inc. which had created the letter of credit, on behalf of the LVWI organizers. Without this the USEF would never have granted the organizers the right to conduct this event as an FEI Grand Prix and would never have put the event forward to the FEI for inclusion on its 2005 calendar. All facts and issues concerning this event and the existence of the letter of credit were provided to the FEI prior to its approval of the event. No other disclosures or alterations to the letter of credit were provided to USEF by the organizers or Icon. USEF finds it unconscionable that the letter of credit was allowed to expire before riders and officials were paid.

The USEF is aggressively investigating the situation from both a state and federal legal perspective as well as from an administrative perspective, and is doing everything possible to assist the riders and officials in obtaining payment. Because of the potential legal issues involved the USEF will not comment further at this time.

Public Relations Manager: Sarah Lane (859) 225-6974; [email protected]


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