team airing their dirty laundry publicly this year. Bruyneel kind of started it when he was calling out the Schlecks before and after the Giro. Then Horner and Kloden went public with their issues. Bruyneel answered again publicly. Now they are reporting that the Schlecks, and others, aren’t getting paid because they are directing their money to off shore, tax evasive accounts.
Cyclingnews has this article that says – L’essentiel said that Andy Schleck earns 2 million Euro per year, and Fränk 1.8 million, not including bonuses. In addition, it cited paperjam.lu as saying each has an additional contract for their image rights, both of which pay 600,000 Euro per year. Andy’s is paid into a firm called Cyclan and Frank’s into Winfrank, and the these companies “are amongst others financially connected to such exotic destinations as Panama and Singapore.”
So, the RadioShack team releases the Schlecks salary, plus tells the world that they are squirreling money away without paying taxes. I’d say that relationship is pretty much over.
Oh, by the way, Frank’s B sample from the Tour was positive. This should be interesting following this saga the next few months/years.
Frank and Andy, when their heads were a little bigger, flying the RadioShack colors proudly.
Kloden’s tweet, dishing Chris Horner.
Tax evasion? Sorry you are wrong. Tax avoidance yes, totally legal.
Double d- I’m not a tax specialist, but I doubt that is totally legal. If it was, I doubt RadioShack would not be having an issue paying them.
Image fees paid to off shore accounts is evading taxes, no matter how you look at it.
Does anybody believe that Frank and Andy are the only two guys with this kind of setup? I’m sure teams happily make payments to these kind of offshore structures as long as they’re on good terms with the riders.
Not sure where Kloden is coming from. I listened to all of Horner’s tdf interviews — he’s doing nothing but working for the team at all times. Andreas also has a history of saying weird things.
That team is done.
Steve you need to google the tax set up that the super rich and apparently Frank and Andy have going on. It is totally legal. The system is far to complex to be explained in the comment section though.
Thomas-I have no desire to do that. But, I think I’ll stick with my assumption that they are doing something not on the up and up. And, I don’t really care about it one bit. What interests me is their team, RadioShack/Nissan, is
making it a public issue when it is something that should be very private. Something is very wrong with their setup.
Our perspective is that of US citizens paying tax on income earned in the US to the United States Internal Revenue Service.
Are the Schleks US citizens? Are the Schleks earning the income in the US? Are they required to pay income tax to the United States Internal Revenue Service?
If not, is it any of our concern?
I have never understood the Horner love. The guy’s career arc is suspicious at best and today he is photo bombing Hincapie’s honor of leading the peloton on the Champs. Lame. Im glad to see Kloden call him out.
As Thomas rightly pointed out, they are doing nothing illegal. You continuing to “stick with my assumption” seems bull headed.