SCOTT Sports is acquired by the South Korean company Youngone

Since 2015, ownership of SCOTT has been divided between two major shareholders. On one hand, the South Korean group Youngone owns 51%, and on the other hand, the historic CEO of the company, Swiss Beat Zaugg, owns 47%. But now, after heated disputes, the International Chamber of Commerce has ruled that Zaugg must sell his share to Youngone. The South Korean company will have full control over the brand.

Youngone will have total control of Scott Sports

The prolonged conflict between former CEO of Scott Sports, Beat Zaugg, and the majority shareholders, Youngone, seems to have come to an end. A ruling from the International Chamber of Commerce's Arbitration Court has determined that Zaugg must sell his 47% stake in the company to Youngone Corp, consolidating the control of the South Korean group over the company.

According to Swiss media reports, Youngone initiated the arbitration process claiming that the shareholder agreement had been violated. In response, Zaugg filed a counterclaim and accused Youngone of attempting to destabilize the company and its employees with the announcement of a new CEO.

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The tension in the board reached its peak when the police had to intervene at SCOTT's headquarters after Youngone's first attempt to appoint a new CEO. Finally, in August, SCOTT began a new chapter with the company's leadership shared by Pascal Ducrot, a former SCOTT employee, and Juwon Kim.

Now, as of February 6, the ruling from the International Chamber of Commerce obligates Zaugg to sell his stake, resign from his former executive position, and pay damages. With this decision, Youngone Corp will have 97% of the shares of Scott Sports and total control over all decisions of the company.