North One Sport has issued a statement insisting it will continue to successfully promote the World Rally Championship, despite news that parent company, Convers Sports Initiatives (CSI), has gone into administration.

North One Sport was acquired by CSI back in March and Convers Group chairman Vladimir Antonov vowed then to invest 'substantial resources' to raise the profile of the sport in the coming years.

However he was arrested last week for alleged large-scale bank fraud and forgery.

Yesterday [Tuesday], national accountancy group UHY Hacker Young, announced it had been appointed as the administrators for CSI.

"My partner at UHY Hacker Young, Andrew Andronikou and I were appointed as Joint Administrators to Convers Sports Initiative plc (CSI) [on Tuesday, November 29]," read a statement from Peter Kubik.

"CSI own a number of sports teams, media franchises and entertainment rights businesses. None of CSI's subsidiaries are subject to an administration order.

"We were appointed as Administrators after uncertainty arose over the future of CSI. CSI has a number of sports related assets and we are very confident of finding interested buyers for these subsidiaries. Our aim is to ensure that the sale process is as smooth as it possibly can be.

"We will now be undertaking a period of due diligence at CSI and once that has been completed we will be in a better position to answer questions."

Following that news, North One Sport has confirmed it is a stand-alone subsidiary and as such is not in administration.

The full statement from North One Sport, posted on the official WRC site, reads:

"In response to today's announcement that parent company Convers Sports Initiatives (CSI), has been placed into administration, North One Sport would like to categorically confirm that the business is a stand-alone subsidiary and that it is not in administration.

"The priority is to ensure that North One Sport continues to successfully promote the WRC to fans, stakeholders and partners.

"Following a spectacular 2011 season we look forward to an exciting 2012 Calendar starting with the return of the iconic Rallye Automobile Monte Carlo in January."