Einstein: the players have all been paid!

by ChessBase

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1/17/2003 – "We are disappointed that ChessBase neglected to check with us before posting the artícle," wrote Steve Timmins, CEO of the Einstein Group. He was referring to the press release of Jan. 15 in which Madame Nahed Ojjeh announced she was breaking ties with Einstein for non-payment of some participants at the Dortmund Chess Tournament, which she had sponsored. Timmins tells us that all participants have now been paid. More

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NEWS RELEASE

January 16 2003

Einstein Group is disappointed ChessBase neglected to check with us before posting an article concerning Einstein on its web site.

All the participants in the Dortmund Chess Tournament have now been paid.

Einstein can confirm it has experienced financial problems over the course of 2002. These problems were greatly exacerbated by the position the company was left in by Brain Games Network plc, following the purchase of the chess assets from them.

Einstein faced an unexpected shortfall of €90,000 in the Dortmund event due to the problems it was left by Brain Games. Einstein was forced to fund this shortfall from its own resources. This was entirely unexpected and has caused considerable problems.

We have had minimal contact with Madame Ojjeh since Dortmund and can confirm that the payment issues are entirely Einstein's problem.

Einstein has now completed its re-financing and is confident that it can meet its World Championship obligations.

Steve Timmins
Chief Executive Officer
Einstein Group plc