- May 13, 2014
- 7,081
- 11,625
No. Their tryout packet says paid Worlds and Summit bids are invested into the gym.
It's in their contract. I don't even think any parents have an issue with it. They have a nice gym and strong teams, I assume parents think it's worth it. Paid Summit bids are rare here, but they have a paid Worlds bid and have had them in prior years, I'm sure.
So let me make sure I understand this correctly----if their athletes get a paid or partial paid bid, the gym takes it for their own use.
To ensure parents don't disappear mid-year they take all eligible teams and make them pay $1,000 up front.
If your team doesn't get a bid, you're then refunded $1,000.
Let's assume for one second that this program has 100 athletes total on Summit/World eligible teams. That is $100,000 to be paid in May/June ish, but not refunded until probably March of the next year...so that $100,000 is sitting in an account; probably a savings account, racking up interest (even a 1% or 2% return on that much for that long is a significant chunk of change) and the parents are okay with this?
BWAHAHAHAHAHAHA! Screw my doctorate in Psychology; I'm in the wrong business.