| USA
Equestrian and USET Agree To Joint Resolution of NGB Dispute Gladstone,
New Jersey and Lexington, Kentucky—February 1, 2003—A new era for equestrian
sports began on Saturday, February 1, 2003 when the United States Olympic Committee
(USOC) Membership and Credentials Committee received a plan jointly proposed by
USA Equestrian (USAE) and the United States Equestrian Team (USET) to create a
new NGB for the sport incorporating the strengths of each organization. The
joint agreement resolves the question of governance of the sport and ends an agonizing
period of dispute with a solution that all parties heartily endorse. The
new plan became a reality when signed by USAE President Alan Balch, Vice President
David O’Connor and Treasurer Kathy Meyer and by USET Chairman Frank Lloyd,
President Armand Leone and Secretary Eric Straus. It calls for the formation of
a new corporate entity to assume all the current functions of USAE and USET with
the main fundraising efforts handled by two new supporting organizations. As
part of the agreement, Balch agreed to resign as a Trustee of the USET, to instruct
his attorneys to take immediate steps with the USET to resolve the litigation
Balch v. USET in a manner acceptable to both parties, and that he will not seek
to serve as an officer or director of the new NGB until after the election cycle
for 2005. The USET agreed to nominate David O’Connor as a Trustee to
its Board and all parties agreed that O’Connor will be responsible to communicate
and coordinate all international matters between USAE, USET and the USOC during
the interim period prior to the establishment of the new NGB. The new NGB
will carry on activities currently performed by the USET and USAE and will be
responsible for providing all services required by Equestrian Sport, both national
and international, and for meeting obligations as a USOC-designated NGB. For the
role of fundraising, the plan calls for the creation of the USET Foundation and
the USAE Trust. The USET Foundation will seek to raise funds for international
high performance programs while USAE Trust will raise funds for purposes relating
to equestrian industry research, education, scholarship and financial support
needs, excluding activities relating to international high performance programs
and activities. The new NGB will be governed by a Board of Directors not
to exceed 54 members. Officers will include a President; Vice President–International
High Performance; Vice President–International–National FEI Affiliates;
Vice President–National Affiliates; Vice President—Finance & Administration;
Secretary and Treasurer. The new NGB will be led by a paid Chief Executive Officer
(CEO). A six member CEO Search Committee, with three individuals appointed by
USAE and three by the USET, will begin immediately to seek a suitable individual
for the CEO position. The CEO is to be in place prior to commencing operations
of the new NGB. USET Chairman of the Board, Frank V. Lloyd and David J.
O’Connor, USAE Vice President stated, “We are particularly delighted
for the athletes, coaches, staffs and the entire sport of equestrian; and look
forward to the renewed enthusiasm and support to make this country the top equestrian
nation in the world.” The full content of the new NGB plan outline
will be available on the USAE website at www.equestrian.org and on the USET website
at www.uset.org. | 